[Energy Market 'Crack Spread' Hits Record High, Bitcoin May Face New Pressure] BlockBeats News, August 18: As crude oil prices retreat, refined oil prices continue to rise. The 'crack spread' between U.S. diesel and crude oil has surged to $102.20 per barrel, marking a historic high. Affected by disruptions to global energy supplies caused by the Iran and Ukraine conflicts, diesel supply has tightened. Meanwhile, the current agricultural harvest season has driven strong fuel demand for tractors and other agricultural equipment, further pushing up diesel prices, which may transmit inflationary pressures through food, transportation, and heating costs. At the same time, WTI crude oil prices have broken above the downward trendline formed since the April high, indicating that the four-month downtrend may be coming to an end. If oil prices rise further, market inflation expectations could reignite. The combination of rising energy prices, inflation risks, and concerns over government debt is driving up U.S. Treasury yields and bond yields in other developed economies, increasing the opportunity cost of holding risk assets like Bitcoin, potentially limiting BTC's further upside. However, a weakening U.S. dollar continues to provide some support for Bitcoin. The U.S. Dollar Index fell to 99.29 on Monday, a two-and-a-half-month low, breaking below its previous upward trendline. Currently, Bitcoin is being influenced by multiple factors, including oil prices, bond yields, and the dollar's trajectory, with the macro environment showing clear divergence. [Original Link]