Bitcoin price coils under $65K as US PMI data brings new ‘stagflation’ warning

Bitcoin (BTC) stayed motionless at Thursday’s Wall Street open as analysis saw signs of reemergent US “stagflation.”

Key points:

• Bitcoin stays below $65,000 as Iran tempers expectations over the Strait of Hormuz oil route reopening.
• US PMI data analysis sees “stagflation” return as a potential future risk.
• BTC price indecisiveness means that the market still lacks a “genuine breakdown,” says Bitfinex.
  

Iran cools market hopes of Hormuz deal

Data from TradingView showed BTC/USD hovering above $64,000, down around 0.5% on the day, while US stocks opened flat.

BTC/USD one-hour chart. Source: Cointelegraph/TradingView

Anticipation of a deal between Iran and Oman to reopen the Strait of Hormuz oil route did little to spark volatility — in the absence of US participation, it remained uncertain whether international shipping would fully resume.

“This understanding does not, in itself, mean that the Strait of Hormuz will reopen,” Iran’s Deputy Foreign Minister Kazem Gharibabadi said in an interview with the state-run Islamic Republic News Agency (IRNA), quoted by CNN.

US WTI crude oil was little changed on the day at $76 per barrel, having hit three-week lows of $74.30 the day prior.

CFDs on WTI crude oil one-day chart. Source: Cointelegraph/TradingView