Bitcoin traded back above $63,000 on June 11, rising approximately 2.5% even as Iran closed the Strait of Hormuz and oil prices spiked. Iran shut the strait "until further notice" following attacks on U.S. infrastructure in the Gulf, choking a waterway that handles roughly 20% of the world's oil supply. WTI crude surged above $91 a barrel in response, reviving energy-driven inflation concerns as U.S. producer prices rose 5.1% year-on-year — their fastest pace since October 2022 — and consumer prices climbed 4.2%, the highest since April 2023.
Iran Closes Strait of Hormuz and Oil Surges Above $91 per Barrel
Iran closed the Strait of Hormuz "until further notice" following attacks on U.S. infrastructure in the Gulf. The strait carries roughly 20% of the world's oil supply and substantial volumes of liquefied natural gas. WTI crude jumped above $91 a barrel in response to the closure.
U.S. Inflation Data Shows Producer Prices Up 5.1% Year-on-Year
U.S. producer prices rose 5.1% year-on-year, the steepest increase since October 2022. Consumer prices climbed 4.2%, marking the highest level since April 2023. Bitcoin extended its rebound despite the inflation data, trading near $63,200.
Trump Warns Iran Will Be Hit Very Hard
President Donald Trump warned Iran would be hit "very hard" and posted that the U.S. would be "taking Kharg Island, and other oil infrastructure points" to "assume total control of their Oil and Gas Markets."
Technical Analysis Identifies Key Bitcoin Support and Resistance Levels
Analyst Michaël van de Poppe identified $63,300 and $65,800 as breakout zones that could act as springboards for a further move higher. He flagged $60,000 as the key support level to defend.
Trading firm QCP Capital characterized the backdrop as unusually fraught, noting that markets were "being forced to price both military escalation risk and potential energy disruption" at once.
FAQ
What did Bitcoin do on June 11?
Bitcoin traded back above $63,000 on June 11, rising approximately 2.5% despite Iran closing the Strait of Hormuz and oil prices surging above $91 a barrel.
Why did Iran close the Strait of Hormuz?
Iran shut the Strait of Hormuz "until further notice" following attacks on U.S. infrastructure in the Gulf. The strait handles roughly 20% of the world's oil supply.
What did U.S. inflation data show on June 11?
U.S. producer prices rose 5.1% year-on-year, the fastest pace since October 2022, and consumer prices climbed 4.2%, the highest since April 2023.
