Bitcoin managed to hold above $81,000 on Tuesday, marking the second day the digital asset has been above the psychological threshold of $80,000. The performance was driven by positive legislative developments in the United States with the introduction of the Clarity Act that provides clarity on the regulation of stablecoins.
Beyond the legislative factors, market sentiment was also influenced by geopolitical tensions in the Middle East. Investors are monitoring the implementation of “Project Freedom” by Washington, a military and diplomatic mission to ensure the safety of merchant ships in the Strait of Hormuz, which is currently affected by the US-Iran conflict.
Since the conflict began, Bitcoin has shown remarkable resilience, outperforming traditional assets such as stocks and gold. Its value has jumped about 20% since the start of the war and is up 30% from its lows recorded in February.
However, market analysts continue to warn of the risks of this surge. The $80,000 level is considered a critical resistance point where investors tend to sell assets to recoup their capital. At the same time, there are signs that this rise is being driven by speculative derivatives activity rather than organic cash market demand.
Overall, despite Bitcoin posting a 12% monthly gain in April, it is still 35% below its all-time high reached in October. Investors are now waiting to see whether regulatory clarity and stability in the Strait of Hormuz can sustain this upward momentum.
