Bitcoin traded near $64,000 on Friday, holding largely steady over the past 24 hours as investors balanced softer U.S. inflation data against the Federal Reserve's still-hawkish policy stance. According to The Economic Times, the cryptocurrency was last trading at $63,940, down 0.10% over the past day, while Ethereum slipped 0.93% during the same period. The move represents a pullback from Bitcoin's earlier recovery to nearly $65,000 after softer U.S. inflation data eased fears of another Federal Reserve rate hike, though renewed U.S.-Iran fighting kept traders cautious. Over the past week, Bitcoin and Ethereum were down 2.37% and 0.47% respectively, with major altcoins showing mixed performance as XRP, Solana, Tron, Hyperliquid and Dogecoin corrected by up to 6.22%, while BNB and Cardano gained 3.54% and 0.67% respectively.
Headline PCE inflation fell 0.1% from the previous month and registered an annual rate of 3.7%, matching market expectations and reducing pressure on the Federal Reserve to raise rates again. According to the Bureau of Economic Analysis, May's annual reading had stood at 4.1%, while core PCE, which excludes volatile food and energy prices, increased 0.1% month over month but was below the expected 0.2% increase. Its annual rate declined to 3.3% from 3.4%, with the figures easing some of the pressure on the Fed to raise rates again. However, inflation remains above the Fed's 2% target, and long-term borrowing costs stayed elevated, with the 30-year U.S. Treasury yield moving above 5.2% and reaching its highest level since 2007. The bond-market reaction limited Bitcoin's strength, with BTC touching $65,000 but not establishing a sustained breakout above the psychological level.
Renewed U.S.-Iran fighting has added significant pressure to Bitcoin's recovery, with the U.S. military reporting strikes against dozens of Iranian Revolutionary Guard targets after Tehran launched ballistic missiles at American forces in the Middle East. Brent crude initially reached $93.31 before retreating below $90 as markets assessed talks between Oman and Iran over the Strait of Hormuz, while West Texas Intermediate crude similarly reversed after approaching $86. Spot gold gained around 0.3% to $4,076 per ounce and silver increased 0.6% to approximately $58, with the simultaneous rise in precious metals and Bitcoin suggesting investors were maintaining defensive positions rather than making a complete shift into risk assets. KCM Trade analyst Tim Waterer told Reuters that "Until safe passage through the Strait of Hormuz is no longer a gamble, the risk premium in oil is not going anywhere."
The global cryptocurrency market capitalization rose 0.14% to $2.19 trillion, according to CoinMarketCap, with Bitcoin maintaining dominance at 56.6% and Ethereum accounting for 10.1% of the market. Avinash Shekhar, Co-Founder and CEO of Pi42, noted that Bitcoin is trading around $64,000, reflecting a market that is balancing macroeconomic uncertainty with resilient institutional participation. Despite near-term volatility, Bitcoin continues to find support from steady institutional interest, growing futures activity and sustained participation across the broader digital asset ecosystem. Nischal Shetty, founder of WazirX, emphasized that the crypto market continues to trade under the influence of global macroeconomic sentiment, with recent price action reflecting a broader risk-off environment as investors assess interest rate outlook and global liquidity conditions.
From a technical perspective, Bitcoin briefly climbed above the $65,000 mark but failed to sustain the breakout, with a four-hour close above the $64,700–$65,000 zone needed to confirm renewed bullish momentum. On the flip side, approximately $144.63 million in long positions were liquidated during the recent pullback, while the Crypto Fear & Greed Index remains at 34, firmly in the Fear zone. Piyush Walke, Derivatives Research Analyst at Delta Exchange, advised that investors should avoid chasing short-term moves, instead focusing on staggered accumulation, limited leverage and disciplined position sizing until Bitcoin sustains a move above $65,500 and ETF demand improves consistently. Crypto trader Lennaert Snyder identified $64,800 and $65,800 as possible areas for renewed short positions, while Ali Charts offered a longer-term bullish interpretation, arguing that a decline toward $60,000 could complete an inverse head-and-shoulders pattern.
