Bitcoin Slides Amid Hormuz Uncertainty as Oil Prices Soar

Bitcoin's price slipped below $64,500 on Monday as markets digested uncertainty over the Strait of Hormuz. The incident led to a sharp increase in oil prices, with US WTI crude oil rising by almost 5% to $80.90 per barrel.

This mirrored the performance of US stocks, which initially fell before recovering to turn green. However, the S&P 500 index remained below its all-time highs from Friday.

The Japanese yen continued to weaken against the US dollar, with USD/JPY hitting 159 on Monday and nearing the psychological boundary of 160.

Despite some positive signals, including exceptionally strong institutional inflows into Bitcoin ETFs, analysts warned that the attempted price rebound remains tentative. According to Glassnode, weak spot-market momentum is a key missing component of a sustainable recovery.