Fighting between the US and Iran has flared up again recently, shipping volume through the Strait of Hormuz has fallen sharply, Brent crude oil jumped 5% in a single day, and concerns about inflation have reignited, with expectations of further rate hikes also starting to rise.

But strangely, against this backdrop, Bitcoin has not seen a deep sell-off again; the price has held steady above the 63k level, maintaining the key support after the June sell-off.

However, in the long run, this resilience remains to be tested, because if oil prices continue to climb, they could once again push up bond yields and squeeze expectations for monetary policy easing, thereby draining liquidity from risk assets.$BTC