Bitcoin Holds Ground Above $65k as Inflation and Iran Risks Loom
Bitcoin continued its steady performance above $65k on Monday, but fell back slightly to $64,935.4 by 09:26 ET (13:26 GMT), down 0.5%. Investors remained cautious ahead of upcoming U.S. inflation data, which could provide fresh clues on the Federal Reserve's policy path.
The weak U.S. jobs report released last Friday had lifted demand for risk-sensitive assets, including cryptocurrencies, but Bitcoin has struggled to sustain momentum above $65,000. The cryptocurrency gained about 3% over the week, but has been unable to break through this technical barrier in recent sessions.
Attention now turns to Wednesday's U.S. consumer price report, which will be closely watched for signs of inflation and its impact on interest rates. Energy prices remain sensitive to developments in the Middle East, particularly Iran's efforts to reopen the Strait of Hormuz, a critical waterway for global energy shipments.
A sustained break above $65,000 could bring the $66,000-$67,000 resistance zone into focus, while failure to hold this level would leave Bitcoin vulnerable to renewed profit-taking, analysts said. Strategy, a company that sold 1,690 BTC for $108.6 million between Aug. 3 and Aug. 9, now holds 840,447 BTC.