CoinShares says BTC needs Iran de-escalation or weaker Treasury trust to hold above $80K

European crypto asset manager CoinShares said Bitcoin has moved similarly to gold over the past two weeks, according to Wu Blockchain. CoinShares said renewed concerns over U.S. fiscal soundness and stronger demand for long-dated Treasurys helped lift Bitcoin from the low $60,000 range to $80,000, while the Federal Reserve’s monetary policy has acted as a key constraint on further gains. The firm added Bitcoin would need factors such as a resolution to the Iran situation or a further decline in confidence in U.S. Treasurys, expanding demand for stores of value such as Bitcoin, to remain consistently above $80,000. In the short term, CoinShares said August U.S. inflation data and the Fed’s September meeting are likely to be the main events shaping Bitcoin’s direction.