Geopolitical risks and upcoming U.S. inflation data pressure crypto markets, with bitcoin holding near key support levels.
Bitcoin traded near $62,600 on Tuesday, down 0.3% over 24 hours, as renewed U.S.-Iran tensions and anticipation of June’s CPI report kept markets cautious. The resumption of a U.S. blockade on Iranian ships and a proposed 20% cargo fee sent Brent crude up 2.8% to $85 a barrel, fueling inflation concerns and Fed rate-hike bets.
The cryptocurrency has oscillated between $59,000 and $66,000 for a month, with mixed performance among major altcoins. Ether held near $1,783, while Solana, XRP, and Hyperliquid declined 5% or more over the past week. A softer CPI print could ease pressure, but a hot reading would amplify hawkish signals ahead of the Fed’s July meeting.
Traders are weighing the impact of higher oil prices against potential Fed policy shifts, with bitcoin’s short-term trajectory hinging on today’s inflation data.