Bitcoin neared $66,000 Friday amid growing concerns over US inflation trends deemed “objectively unsustainable.” The cryptocurrency faces a sixth consecutive month of losses, with traders eyeing a potential drop to $64,000.
Global oil supply fears escalated as Iran closed the Strait of Hormuz, triggering volatility across risk assets. US bonds also came under pressure, with Treasury yields spiking to levels unseen since the US-Iran conflict began.
Analysts warn that inflation expectations now outweigh labor market woes, forcing markets to price in potential emergency Fed rate hikes. Bitcoin’s resistance has settled at $70,000 as traders monitor critical support levels.
