Hormuz Tensions Shadow Crypto Market
Bitcoin moved slightly higher on Tuesday (July 7th), but the crypto market remains cautious. The current price of Bitcoin is around US$63,889, with a daily range of US$62,711–US$64,435. This movement indicates that BTC is still trying to hold above the psychological level of US$63,000 after briefly rising to near US$64,600.
Crypto sentiment remains hampered by a combination of two major factors: geopolitical tensions in the Middle East and pressure on technology stocks. Recent reports suggest Iran has again attacked commercial vessels around the Strait of Hormuz, causing the global market to revert to caution.
On the other hand, Bitcoin continues to receive support from improving institutional demand. A spot Bitcoin ETF in the United States previously recorded an inflow of US$221.7 million, the largest inflow in two months and ending a long trend of outflows. This indicates that large investor interest is recovering, although it is not yet strong enough to lead Bitcoin to a more aggressive rally.
However, the market remains uncertain. Crypto assets remain sensitive to weakness in technology stocks, especially after investors began questioning the valuations of the AI and chip sectors. Because crypto often moves in the same direction as riskier assets, pressure in tech stocks could limit Bitcoin's gains.
For other cryptocurrencies, Ethereum is hovering around US$1,624.95, XRP at US$1.059, Solana at US$77.97, Cardano at US$0.1774, and Dogecoin at US$0.0751. Altcoin movements remain mixed and have yet to demonstrate a strong, even rally.
Looking ahead, the market will focus on the direction of the Fed's policy, US economic data, and developments in the Strait of Hormuz. If Bitcoin can hold above US$63,000–US$64,000, the opportunity to retest the US$65,000 area remains open. However, if risk-off sentiment intensifies, Bitcoin risks falling back to the US$62,000–US$60,000 area. (arl)
Source: Newsmaker.id
