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Bitcoin (BTC) stayed motionless at Thursday’s Wall Street open as analysis saw signs of reemergent US “stagflation.”
Key points:
- Bitcoin stays below $65,000 as Iran tempers expectations over the Strait of Hormuz oil route reopening.
- US PMI data analysis sees “stagflation” return as a potential future risk.
- BTC price indecisiveness means that the market still lacks a “genuine breakdown,” says Bitfinex.
Iran cools market hopes of Hormuz deal
Data from TradingView showed BTC/USD hovering above $64,000, down around 0.5% on the day, while US stocks opened flat.
BTC/USD one-hour chart. Source: Cointelegraph/TradingView
Anticipation of a deal between Iran and Oman to reopen the Strait of Hormuz oil route did little to spark volatility — in the absence of US participation, it remained uncertain whether international shipping would fully resume.
“This understanding does not, in itself, mean that the Strait of Hormuz will reopen,”…
