Bitcoin Price Holds $63K as Inflation Data and Iran Oil Shock Shake Markets

Bitcoin climbed back toward $63,200, briefly tagging the $63,000 zone with a daily gain of over 2.5%, even as global markets reacted to rising inflation and escalating tensions in the Middle East.

The move came after US inflation data showed continued pressure, with Producer Price Index (PPI) rising at its fastest annual pace since 2022. The Consumer Price Index also remained elevated at 4.2% year-on-year, driven largely by higher energy costs.

Strait of Hormuz Closure Pushes Oil Above $91

Risk sentiment was further shaken after reports that Iran closed the Strait of Hormuz, a key global oil shipping route. The development pushed US crude oil above $91 per barrel and raised concerns over potential supply disruptions.

US President Donald Trump warned of further military action, saying Iran would be hit “very hard” and that the US could target oil infrastructure, including Kharg Island, while seeking control of Iran’s energy markets.

CME Gaps and Key BTC Levels in Focus

Despite macro pressure, Bitcoin held support near $60,000. Traders are watching resistance levels at $63.3K and $65.8K, with upside targets linked to CME futures gaps between $75K and $80K if momentum continues.