Bitcoin stalls near $64,000 as US-Iran oil shock hits markets

Bitcoin held near $64,000 as Brent crude's surge past $90 reignited inflation fears and deepened a tech-led risk-off shift across global markets.

Bitcoin traded at $64,000, little changed in the past 24 hours, as Brent crude's surge past $90 a barrel on escalating US-Iran hostilities reignited inflation fears and deepened a selloff in technology stocks.

"The oil shock is the dominant macro variable right now — it directly feeds into the inflation narrative that keeps the Fed from cutting rates," Nina Volkov, a crypto macro analyst, said. "For Bitcoin, that means liquidity conditions stay tight and risk assets remain under pressure."

Brent crude briefly touched $90 in Asian trade Monday before settling back to $88.64, while WTI rose 2% to $84.28. The spike followed the ninth consecutive night of US strikes on Iranian targets, with Iran's Islamic Revolutionary Guard Corps claiming it struck two oil tankers attempting to transit the Strait of Hormuz. The UK Maritime Trade Operations reported a vessel fire off Oman's coast near Kumzar, urging vessels to "transit with caution."

The $64,000 level represents a key support for Bitcoin — a break below could accelerate selling toward $60,000, where open interest concentration sits, according to Coinglass data. With the Fed's next rate decision on July 30 and oil prices likely to remain elevated as long as the Strait of Hormuz disruption continues, the macro headwind for crypto shows no near-term relief.

Bitcoin's 24-hour trading volume came in at $28 billion, below the seven-day average of $34 billion, signaling reduced conviction among traders. Open interest across major exchanges stood at $36.5 billion with funding rates near zero, reflecting a market unwilling to take directional bets amid the geopolitical uncertainty. The tech-heavy Nasdaq 100 fell 1.8% in Monday's session, compounding the risk-off tone that has kept Bitcoin range-bound between $62,000 and $66,000 for the past week.

The US-Iran conflict has now entered its tenth day of active hostilities, with CENTCOM confirming continued strikes and Secretary of State Marco Rubio stating the US would keep targeting Iranian assets as long as Tehran attacks vessels in international waterways. For crypto markets, the path of least resistance remains lower until either a de-escalation emerges or the Fed signals a willingness to look through the oil-driven inflation spike.

This article is for informational purposes only and does not constitute investment advice.