Bitcoin Stays Stuck Below $65K as US PMI Data Fuels Stagflation Fears

Bitcoin remained largely flat at Thursday’s Wall Street open, holding below $65,000 as fresh economic data stirred renewed concerns about a possible return of stagflation in the US.

Iran Tempers Hopes on Hormuz Reopening

Data from TradingView showed $BTC trading just above $64,000, down about 0.5% for the day, while US stocks opened little changed. Optimism around a potential deal between Iran and Oman to reopen the Strait of Hormuz oil shipping route failed to trigger much market movement, especially with the US not involved in negotiations.

Iran’s Deputy Foreign Minister Kazem Gharibabadi said in comments to state-run media that this understanding alone does not guarantee the strait will actually reopen. US WTI crude was steady around $76 per barrel, after touching three-week lows of $74.30 the previous day.

Analysts Debate What It Takes to Break the Range

Bitcoin has remained stuck in a tight trading range since early June. Onchain analytics platform Glassnode described the current price action as reflecting boredom rather than capitulation, noting Bitcoin’s lack of reaction even as gold hit six-week highs and the S&P 500 touched new record levels. Glassnode summarized the situation as a compressed, under-owned market left behind by broader risk appetite, with bottom conditions still forming but not yet complete.