Stagflation Warning Sends Bitcoin Price into Stasis
The Bitcoin price remained relatively stable around $64,000 as markets digested US PMI data showing signs of 'stagflation'.
Iran's Deputy Foreign Minister Kazem Gharibabadi tempered expectations for a deal to reopen the Strait of Hormuz oil route, saying it didn't necessarily mean the route would fully resume.
The US Institute for Supply Management (ISM) Services PMI and employment data showed a divergence between rising prices and a weakening labor market, with prices paid surging +2.6 points to 70.3, its highest since October 2022.
Bitcoin's price indecisiveness means the market still lacks a 'genuine breakdown,' according to Bitfinex Research, which notes that macro developments and bitcoin's underperformance compared with the Nasdaq and S&P 500 signal underlying stress but require something more forceful for a genuine breakdown.