Bitcoin tags $63.2K as BTC price action ignores inflation, Iran Hormuz closure
Bitcoin climbed back above $63,000, reaching about $63,200, despite rising geopolitical and inflation pressures. Markets reacted to reports that Iran closed the Strait of Hormuz, pushing WTI crude above $91 and adding fresh risk to inflation and risk assets. QCP Capital said investors were being forced to price in both military escalation and energy disruption at the same time, making them less willing to add exposure. US inflation data also weighed on sentiment. May PPI rose at its fastest annual pace in nearly four years, while CPI had already come in hotter than expected, with energy costs a major driver. For Bitcoin traders, $60,000 remained important support. A move through $63.3K and $65.8K was seen as the next hurdle, with higher CME gap targets in the $75K–$80K range if momentum continues.
