Bitcoin Stuck Below $65K Amid 'Stagflation' Warning and Strait of Hormuz Uncertainty
BTC price action remains stagnant as it stays below $65K on Thursday's Wall Street open. The market is awaiting further geopolitical cues, particularly regarding the Strait of Hormuz oil route reopening. Iran has tempered expectations, with Deputy Foreign Minister Kazem Gharibabadi stating that the understanding does not guarantee the route's reopening.
US PMI data analysis points to a 'stagflation' warning as prices paid index surged 2.6 points to 70.3, near its highest since October 2022. The odds of stagflation are intensifying based on combined PMI readings, according to trading resource The Kobeissi Letter.
Onchain analytics platform Glassnode described the BTC price action as 'boredom rather than capitulation', with Bitcoin failing to break beyond a local range since June. Bitfinex Research echoed this sentiment, stating that a genuine breakdown requires more forceful macro developments and volume-supportive price action.