Bitcoin recovered the $63,400 level despite a rise in the U.S. producer price index (PPI) and news that Iran closed the Strait of Hormuz.

On June 11, Cointelegraph reported that BTC/USD rose as high as $63,200 on Bitstamp, up more than 2.5 percent on the day.

The rebound drew market attention because it came as Middle East geopolitical tensions and inflation concerns rose at the same time. Iran was reported to have temporarily closed the Strait of Hormuz, a key oil shipping route, after attacks on U.S. infrastructure in the Gulf region. U.S. West Texas Intermediate (WTI) crude rose above $91 a barrel as a result.

U.S. President Donald Trump warned that evening that "Iran will take a strong hit." In a post on Truth Social, he said the United States would seize Kharg Island and other oil infrastructure hubs and control Iran's oil and gas market. A day earlier, he also claimed Washington controls Hormuz.

Market participants faced a situation in which they had to price in both the risk of military clashes and possible disruption to energy supplies. QCP Capital said in a report that "the market is being forced to reflect military risk and the risk of potential energy disruption at the same time."

Inflation data also weighed on risk assets. In a release on June 11, the Bureau of Labor Statistics (BLS) said final demand prices excluding food, energy and trade services rose 5.1 percent year on year in May, marking the largest 12-month gain since October 2022. May consumer prices, released a day earlier, also rose 4.2 percent year on year, the highest increase since April 2023.

The Bureau of Labor Statistics said energy prices were the key driver of the inflation rise. The energy index in the data rose 23.5 percent in the 12 months through May. As the surge in oil prices was confirmed to be stoking inflation again, cryptocurrencies and other risk assets faced overlapping headwinds.

In the market, holding the $60,000 support level is seen as more important than short-term direction. A foothold for a shift to a bullish trend is not yet clear, but it stands out that the price did not slide sharply even as downward pressure grew.

Cryptocurrency trader Michaël van de Poppe (미하엘 반 데 포페) wrote on X, formerly Twitter, that "bitcoin is quite simple" and said that if a further rally appears, the Chicago Mercantile Exchange (CME) futures gap between $75,000 and $80,000 could be an upside target. He added that the view assumes the price decisively breaks above the current range.

In these circumstances, the short-term focus has two tracks. One is whether surging oil prices will further stoke U.S. inflation indicators. The other is whether bitcoin can keep holding the $60,000 support level despite external negatives. The market is closely watching bitcoin's reaction in an environment where geopolitical risks and inflation pressure overlap.