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Crypto

Bitcoin rebounds to $63,400 despite Hormuz closure news and U.S. inflation surge

Bitcoin recovered the $63,400 level despite a rise in the U.S. producer price index and reports that Iran temporarily closed the Strait of Hormuz. BTC/USD rose as high as $63,200 on Bitstamp, up more than 2.5 percent on the day, Cointelegraph reported. Oil prices climbed, with WTI topping $91 a barrel. U.S. data showed May core final demand prices up 5.1 percent year on year and CPI up 4.2 percent.

Crypto

Bitcoin weak even as U.S. stocks rise, resembling 2018 and 2022 bear markets

Bitcoin is again facing downward pressure ahead of the release of U.S. inflation data. It slid about 1.2 percent on June 9 as Wall Street opened and moved toward lows in the $62,000 range, while U.S. stock indexes opened higher. Some traders said a break above $65,000 would signal a shift higher, but others said the move resembles past bear markets after Bitcoin fell below key technical levels.

Crypto

Bitcoin bottom debate flares, five key variables to shake market this week

Warnings are growing again that the latest decline in the bitcoin market may not be the bottom of the bear market. Some traders see any firm low forming no earlier than the third quarter, and possibly in the fourth quarter, even if bitcoin attempts a short-term rebound. This week’s outlook is shaped by U.S. CPI and PPI data and interest-rate expectations, stock-market volatility, Middle East risks, mixed on-chain signals and extreme fear in investor sentiment.