Cryptocurrency Market Sees Movement as Bitcoin Slips Near $63,700

Bitcoin slipped to near $63,700 as major cryptocurrencies saw some movement. Dogecoin and BNB led the pack higher, while oil prices continued their climb, reaching a six-session winning streak.

The price of Brent crude rose over 1% to $90 a barrel, its longest run since April. Traders remain uncertain about the Middle East deal's impact on oil markets.

Jeff Mei, chief operating officer at BTSE, attributed the market direction to this week's inflation print and the Iran-US deal over the Strait of Hormuz. He noted that weak US job numbers last week support a trend of lower inflation, which could lead to Fed rate cuts by year-end and boost liquidity for risk assets like Bitcoin.

However, Mei cautioned against hawkish pushback from Fed speakers and emphasized the importance of July's inflation data due at 8:30 a.m. ET. A lower-than-expected CPI number could trigger a relief rally in the market.