BlockBeats News, May 11th. Amid Iran's rejection of the U.S. peace framework and escalating tensions in the Strait of Hormuz, Brent crude oil briefly broke through $104 on Monday, while Bitcoin remained above $81,000. Analysts believe that the current crypto market is more driven by geopolitical factors rather than fundamental ones.

QCP Capital described the current market as at a "crossroads" and identified $84,000 as the next key resistance level for Bitcoin. The previous factors that drove BTC to the $80,000 range, such as ETF inflows, corporate accumulation expectations, and the optimistic sentiment around the U.S. "Clarity Act" stablecoin bill, have recently seen some profit-taking.

Laser Digital stated that the market had previously speculated on a Strategy undertaking a large-scale Bitcoin purchase, but after the expectations were not met, profit-taking selling was triggered. Additionally, some corporate BTC holders have slowed down or paused their accumulation, further intensifying the market pressure.

Meanwhile, Ethereum became the primary target of sell-offs last week. A report indicated that a whale holding around $1 billion in BTC and ETH continued to sell ETH, causing ETH to significantly underperform compared to BTC. Although the address continued to transfer ETH to exchanges over the weekend, it has not yet triggered further selling.

On a macro level, U.S. April non-farm payroll data exceeded expectations, easing short-term inflation concerns at the Federal Reserve. The market is also keeping an eye on this week's upcoming CPI, PPI data releases, as well as the progress of the meeting between Trump and Chinese leaders in Beijing. According to CoinShares data, digital asset investment products saw a net inflow of $857.9 million last week, marking the sixth consecutive week of net inflows.