As bitcoin appeared poised to break through the $80,000 barrier after gaining momentum, broader economic uncertainties resurfaced as a challenge. A notable development emerged from a Pentagon briefing to U.S. lawmakers, indicating that clearing mines in the Strait of Hormuz could take at least six months and would only commence after the resolution of the U.S.-Iran conflict.

The briefing, as reported by the Washington Post, also cautioned that gasoline and oil prices may remain elevated until the midterm elections, potentially keeping inflation high and limiting the Federal Reserve's ability to lower interest rates. This scenario presents a challenging backdrop for risk assets, including bitcoin, which is particularly sensitive to interest rates and global liquidity conditions rather than actual economic activity.

Rising essential costs, such as those for fuel and food, could further deter investors from allocating capital to speculative assets. These risks are reflected in market movements, with WTI crude prices surging to around $95 from $79 and government bond yields increasing across major economies. The U.S. 10-year yield has risen by eight basis points to 4.32%, and its U.K.

counterpart has increased by 18 basis points to 4.96%. According to Michael Kramer, founder and CEO of Mott Capital Management, 'Oil prices are rising alongside yields and widening volatility spreads, signaling tighter financial conditions and increasing market risks.' Despite these challenges, U.S.-listed spot bitcoin ETFs continue to show sustained demand, with the fastest inflows in a month.

However, some analysts advise caution, suggesting that the rally lacks broad support in the spot market. Julio Moreno, head of research at CryptoQuant, noted that the recent Bitcoin price increase is driven by demand in the perpetual futures market, while spot demand contracts, posing risks of a correction. The market capitalization of USDT, the largest dollar-pegged stablecoin, has reached a record high, and speculation in certain tokens is intensifying, with overcrowding in bullish bets.

The ratio between bitcoin's price and gold has been rising, with the 50-day average potentially moving above the 100-day average, suggesting a bullish crossover and continued outperformance of bitcoin relative to gold.