Bitcoin price shows resilience above $60,000 amid renewed US-Iran hostilities
Bitcoin held above $62,000, trading near $63,000, even as renewed US-Iran fighting disrupted traffic through the Strait of Hormuz and pushed oil higher. Brent crude jumped 5.2% to $78.02, briefly topping $80, reviving inflation fears and lifting bond yields as markets priced in tighter financial conditions. The escalation slowed tanker traffic through the key Gulf shipping lane, with several vessels turning back and only limited movement detected. That raised concerns about a broader energy supply disruption, especially for oil and LNG shipments. For Bitcoin, higher oil prices are a headwind because they can keep inflation elevated, delay Federal Reserve easing, and weaken demand for speculative assets. BTC has stabilized after a rough June, but its resilience above $60,000 does not yet look like a firm floor if crude stays near $80 or rises further. A recovery in tanker traffic could ease pressure; prolonged disruption would likely keep risk assets under strain.
