Bitcoin Faces Pressure as PMI Data Fuels Economic Concerns

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Bitcoin price action stayed compressed in an ongoing divergence from stocks and gold while US PMI data sparked fresh talk of “stagflation.”

Bitcoin (BTC) stayed motionless at Thursday’s Wall Street open as analysis saw signs of reemergent US “stagflation.”

Bitcoin stays below $65,000 as Iran tempers expectations over the Strait of Hormuz oil route reopening.

US PMI data analysis sees “stagflation” return as a potential future risk.

BTC price indecisiveness means that the market still lacks a “genuine breakdown,” says Bitfinex.

Iran cools market hopes of Hormuz deal

Anticipation of a deal between Iran and Oman to reopen the Strait of Hormuz oil route did little to spark volatility — in the absence of US participation, it remained uncertain whether international shipping would fully resume.

“This understanding does not, in itself, mean that the Strait of Hormuz will reopen,” Iran’s Deputy Foreign Minister Kazem Gharibabadi said in an interview with the state-run Islamic Republic News Agency (IRNA), quoted by CNN.

US WTI crude oil was little changed on the day at $76 per barrel, having hit three-week lows of $74.30 the day prior.

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