Bitcoin tags $63.2K as BTC price action ignores inflation, Iran Hormuz closure
60-second summary
Bitcoin hovers around $63.2K as price action remains resilient despite the highest US PPI inflation since October 2022 and Iran's closure of the Strait of Hormuz oil route, potentially disrupting global oil supplies. Market participants are cautiously optimistic, attributing the stability to a rebound in risk appetite and investors' growing confidence in the cryptocurrency.
Bitcoin mostly preserved a recent rebound despite the highest US PPI inflation since October 2022 and Iran closing the Strait of Hormuz oil route.