Bitcoin (BTC) has surged back to $74,000 on Monday, buoyed by strong inflows into US-listed spot Bitcoin exchange-traded funds (ETFs), which saw $615 million in net inflows over two days. This uptick follows slight gains in the S&P 500 index after geopolitical tensions, particularly a blockade of the Strait of Hormuz ordered by US President Donald Trump, influenced market sentiment. However, Bitcoin's performance remains closely tied to the S&P 500 and broader macroeconomic developments, indicating that the bear market may still persist despite recent gains. Bitcoin miners have sold significant amounts of BTC recently, with Marathon Digital Holdings (MARA) selling 15,133 BTC, Riot Platforms (RIOT) reducing its holdings by 2,325 BTC, and Cango (CANG) offloading 2,000 BTC in the past month. This selling pressure, combined with weak derivatives metrics, suggests a cautious outlook. Regulatory developments in the US, including the proposed CLARITY Act, could provide necessary clarity for the market, but for now, Bitcoin's path to $80,000 hinges on improved risk perceptions amid ongoing geopolitical tensions.