European crypto asset management firm CoinShares diagnosed that Bitcoin has shown movements similar to gold over the past two weeks. According to Wu Blockchain, CoinShares explained, "Bitcoin rose from the early $60,000s to $80,000 as concerns about US fiscal health resurfaced and demand for long-term Treasury bonds increased," adding, "However, the Fed's monetary policy is acting as a key factor limiting further upside." It continued, "For Bitcoin to consistently stay above $80,000, factors such as a resolution to the Iran situation or an increase in demand for stores of value like Bitcoin due to a further decline in US Treasury reliability are necessary. In the short term, the US inflation data in August and the Fed meeting in September are expected to be key events that will determine Bitcoin's direction," it analyzed.
