Bitcoin Stays Strong Amid Geopolitical Uncertainty

Bitcoin has maintained its value near $62,900 despite renewed geopolitical tensions in the Middle East. The world's largest cryptocurrency moved upward by just 0.27 percent over the last week, according to CoinMarketCap data.

The Strait of Hormuz closure has contributed to increased global instability, but investors are shifting their focus to this week's US Consumer Price Index (CPI), Producer Price Index (PPI), retail sales data, and Fed Chair Kevin Warsh's testimony. These events could shape expectations around interest rates and determine the crypto market's next move.

Experts say institutional sentiment has improved, with US spot Bitcoin ETFs recording more than $197 million in net weekly inflows. However, analysts also caution that investors should avoid chasing short-term rallies ahead of the US macroeconomic data.