Analysis: Oil prices, U.S. Treasury yields, and Federal Reserve policy may drive Bitcoin the next phase of market movements
Svmuu News: Analysts note that the next phase of Bitcoin’s price movement is increasingly being influenced by macroeconomic factors—including oil prices, U.S. Treasury yields, and Federal Reserve monetary policy—rather than solely by internal factors within the crypto market.Following a massive deleveraging in the market, leverage in the crypto derivatives market has dropped significantly, and market structure has shifted. Bitcoin is transitioning from a “leverage-driven correction phase” to a “macro-liquidity-driven consolidation phase.” With declining participation in derivatives, the market’s sensitivity to the overall liquidity environment has risen markedly. Recently, the energy market has emerged as a key variable.Over the past three weeks, international oil prices have risen by approximately 80% from their lows to their highs. Against the backdrop of escalating U.S.-Iran tensions, prices briefly surpassed $100 per barrel. Rising oil prices are typically accompanied by increases in U.S. real yields and a strengthening U.S. dollar, which tighten global liquidity and may limit the short-term upside potential for risk assets.At the same time, rising energy prices also fuel inflation expectations. Since energy accounts for about 9% of the CPI basket in developed economies, sustained oil price increases may delay market expectations for interest rate cuts, keeping financial conditions tight. Analysts note that Bitcoin’s recent performance has shown a significantly stronger correlation with tech stocks than with traditional safe-haven assets such as gold.(The Block)
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