Bitcoin holds near $64K as U.S. strikes Iran, Hormuz closed

Bitcoin ↘ 2.05% traded in a narrow range around $63,850 on Saturday, showing muted reaction even as the United States launched its most extensive round of strikes against Iran and Tehran declared the Strait of Hormuz closed to shipping.

The cryptocurrency dipped just 0.35% over 24 hours as markets digested the escalation, according to crypto market data tracked on July 12. The restrained movement stood in contrast to sharp swings in energy markets triggered by the renewed hostilities.interactivecrypto

Geopolitical Backdrop

U.S. Central Command said its forces struck approximately 140 Iranian military targets with precision munitions, bringing the total to more than 300 targets hit across three nights of bombardment aimed at degrading Iran's military capability. The strikes followed an Iranian navy attack on a container ship in the Strait of Hormuz, after which the IRGC Navy declared the waterway closed.wikipedia+4

The escalation shattered a fragile ceasefire framework that had been negotiated in Switzerland in June, which had briefly brought oil prices back toward pre-war levels. Crude oil recorded a weekly gain of about 4% through July 10, though prices remained far below the $120-per-barrel peak seen in April when the conflict first shut the Strait.cnbc+2

Crypto Market's Measured Response

Analysts noted that Bitcoin's stability near resistance at $63,800 — a level previously identified as a key technical threshold — suggested the cryptocurrency had largely decoupled from the immediate geopolitical shock. The digital asset had rallied from around $58,000 at the start of July after weak U.S. jobs data sparked expectations of monetary easing.fortune+2

However, the rally's upside appeared capped by rising oil prices and renewed inflation concerns. Speculation about a possible Federal Reserve rate hike at the September meeting added to headwinds. Spot Bitcoin ETF outflows and cautious whale activity were also limiting gains, according to market analysts.bitcoinfoundation+1

Outlook

The situation remains fluid. If the Strait of Hormuz closure persists, energy analysts at Barclays have warned that Brent crude could average $105 per barrel or higher through the rest of 2026, a scenario that would intensify inflationary pressures and complicate the monetary easing path that crypto bulls are counting on. Bitcoin faces a near-term range between $58,000 support and potential upside toward $67,000 if geopolitical risks ease.crypto+2