Written by William Subergstaff writerReviewed by Allen Scottstaff editor
Written by William Subergstaff writer
Reviewed by Allen Scottstaff editor
Bitcoin tags $63.2K as BTC price action ignores inflation, Iran Hormuz closure
MarketsPublishedJun 11, 2026
Bitcoin mostly preserved a recent rebound despite the highest US PPI inflation since October 2022 and Iran closing the Strait of Hormuz oil route.
Bitcoin (BTC) returned to $63,000 on Thursday as crypto shook off news that Iran had closed a key global oil route.
Key points:
- Bitcoin sees volatility but hits intraday highs despite surging US inflation and another Strait of Hormuz closure.
- Oil rebounds as the US promises fresh attacks on Iranian infrastructure on Thursday.
- Bitcoin upside targets focus on the remaining gaps in CME Group’s futures market.
Iran and PPI inflation spark new risk-asset headwinds
Data from TradingView showed BTC/USD hitting local highs of $63,200 on Bitstamp, up more than 2.5% on the day.
BTC/USD one-hour chart. Source: Cointelegraph/TradingView
Crypto rebounded despite growing geopolitical tensions and the threat they pose to inflation trends worldwide. Reports referred to Iran closing the Strait of Hormuz “until further notice” following attacks on US infrastructure in the Gulf states.
US WTI crude oil jumped above $91 per barrel following the news.
CFDs on WTI crude oil one-hour chart. Source: Cointelegraph/TradingView
US President Donald Trump furthermore warned that Iran would be hit “very hard” on Thursday evening.
“At some point in the not too distant future, we will be taking Kharg Island, and other oil infrastructure points, and assume total control of their Oil and Gas Markets, much like we have with Venezuela, which is working out brilliantly for both Venezuela and the United States of America,” he wrote in a post on Truth Social.
Source: Truth Social
The day prior, Trump stated that Washington “controls” Hormuz, with around 100 million barrels of oil transiting as a result.
In its latest analysis, trading company QCP Capital explained that markets were “being forced to price both military escalation risk and potential energy disruption risk at the same time.”
“That combination leaves risk assets in an awkward position,” it wrote in a Market Color bulletin on Wednesday.
“Investors may not be panicking, but they are clearly less willing to lean into exposure when the next headline could pull the market in either direction.”
Thursday’s US Producer Price Index (PPI) print, meanwhile, kept up pressure on crypto and risk assets.
The Bureau of Labor Statistics (BLS) verified that year-on-year, PPI was up by the most in nearly four years, continuing a trend from recent months.
“For the 12 months ended in May, prices for final demand less foods, energy, and trade services moved up 5.1 percent, the largest 12-month rise since jumping 5.5 percent in October 2022,” an official press release stated.
US PPI one-month % change. Source: BLS
On Wednesday, the May print of the US Consumer Price Index (CPI) came in at 4.2% year-on-year, its highest rate of rise since April 2023.
A press release from the BLS showed that the upside was being primarily driven by energy costs.
“The energy index increased 23.5 percent for the 12 months ending May,” it reported.
CME gaps still form BTC price upside targets
In Bitcoin circles, attention continued to focus on preserving $60,000 support, with a springboard for bulls still out of reach.
Related: BTC price bottom not due until Q4? Five things to know in Bitcoin this week
“It’s quite simple for Bitcoin,” crypto trader and analyst Michaël van de Poppe told X followers on the day.
“Break through the areas at $63.3K and $65.8K and we’ll be looking at a lot more upside.”
BTC/USD one-week chart. Source: Michaël van de Poppe/X
Van de Poppe gave upside targets that matched the outstanding CME futures gaps between $75,000 and $80,000, should price manage to break higher.
This article is produced in accordance with Cointelegraph’s Editorial Policy and is intended for informational purposes only. It does not constitute investment advice or recommendations. All investments and trades carry risk; readers are encouraged to conduct independent research.
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