BTC Holds Steady as Iran Closes Strait of Hormuz and Oil Surges Past $91
- Bitcoin traded back above US$63,000 (AU$89,460) on June 11, rising about 2.5% even as Iran shut the Strait of Hormuz and oil spiked.
- WTI crude surged above US$91 (AU$129) a barrel after the closure of a waterway that carries roughly 20% of the world’s oil supply.
- The rebound held despite U.S. producer prices rising 5.1% year-on-year, their fastest pace since October 2022, underscoring Bitcoin’s resilience to macro shocks.
Bitcoin (BTC) pushed back above US$63,000 (AU$89,460) on June 11, gaining roughly 2.5% on the day even as Iran closed the Strait of Hormuz and crude oil surged, in a show of resilience against a sharp escalation in geopolitical and inflation risk.
Iran shut the strait “until further notice” following attacks on U.S. infrastructure in the Gulf, choking a waterway that handles roughly 20% of the world’s oil supply and substantial volumes of liquefied natural gas.
WTI crude jumped above US$91 (AU$129) a barrel in response, reviving fears of an energy-driven inflation shock just as price pressures were already building across the U.S. economy.
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Markets Caught Between Two Risks
Rather than selling off, Bitcoin extended its rebound, trading near US$63,200 (AU$89,744) and brushing aside data showing U.S. producer prices up 5.1% year-on-year, the steepest since October 2022, and consumer prices up 4.2%, the highest since April 2023.
Trading firm QCP Capital characterised the backdrop as unusually fraught, noting that markets were “being forced to price both military escalation risk and potential energy disruption” at once. The firm’s view framed risk assets as caught in an awkward position rather than clearly bullish or bearish.
President Donald Trump sharpened the tension further, warning Iran would be hit “very hard” and posting that the US would be “taking Kharg Island, and other oil infrastructure points” to “assume total control of their Oil and Gas Markets.”
Despite the noise, technical traders focused on Bitcoin’s structure. Analyst Michaël van de Poppe identified US$63,300 (AU$89,886) and US$65,800 (AU$93,436) as breakout zones that could act as springboards for a further move higher, while flagging US$60,000 (AU$85,200) as the key support to defend.
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The post BTC Holds Steady as Iran Closes Strait of Hormuz and Oil Surges Past $91 appeared first on Crypto News Australia.
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