BlockBeats News, May 19th - Cryptocurrency analyst Marcel Pechman stated in a post that after failing to break above $82,000, Bitcoin experienced a sell-off, testing the $76,000 level once again. Within four days, long positions worth $400 million were liquidated, leading to a price drop of about 7% from the recent high. However, the analysis believes that conditions for Bitcoin to reclaim $80,000 are building up, with three potential catalysts worth noting.

Firstly, MicroStrategy (MSTR) allocated $2 billion in the past week to increase its Bitcoin holdings, providing effective support amid market pressure. Meanwhile, the company also repurchased $1.5 billion of its 2029 convertible bonds, early repayment of some senior debt helping to reduce the dilution risk for existing MSTR shareholders, freeing up space for future stock issuance and continued Bitcoin purchases.

Secondly, at the macro level, the U.S. 10-year Treasury yield rose to 4.60%, reaching a 16-month high, as investor confidence gradually shifted towards scarce assets. In 2026, $2 trillion in long-term debt will mature, and the Federal Reserve may need to continue bond purchases, further weakening the attractiveness of the US dollar. Gold saw a significant surge in January this year, but has since given back most of its gains, while during the same period Bitcoin rebounded from $65,000 to $76,500, demonstrating an increasing market recognition of its safe-haven properties.

Thirdly, if there is a turnaround in the Iran situation, risk appetite is expected to quickly recover. On Monday, Brent crude oil prices rose to $113, with negotiations in the Hormuz Strait showing fluctuations; since late February when the U.S. and Israel launched attacks on Iran, oil prices have risen by over 50%. Once a US-Iran agreement is reached, the drop in energy prices will alleviate inflationary pressure, and Bitcoin is likely to retest above $80,000. Currently, US stocks are approaching historical highs, while Bitcoin is down about 39% from its peak.