Oil Prices Surge Amid US-Iran Tensions, Bitcoin Holds Steady Ahead of Key Data Releases

Bitcoin's price held steady near $62,736.94 on July 14, down 0.04% over the past 24 hours, as traders navigated renewed US-Iran tensions and awaited the release of today's US Consumer Price Index (CPI) data.

Oil prices surged after Washington signaled a blockade on Iranian shipping through the Strait of Hormuz, reviving inflation worries just as markets await the CPI print. Equity futures weakened, and the dollar firmed, adding pressure on risk assets heading into the session.

Despite this risk-off setup, Bitcoin remains range-bound between $61,200 and $64,000, with a break above $64,000 opening a path toward $65,600. Ethereum continues to show relative strength, trading near $1,787, with $1,850 as the next resistance test.

The market is closely watching today's CPI report and Fed Chair Kevin Warsh's testimony for direction. A softer inflation print would likely support risk assets, while a hot reading could revive rate-hike bets and pressure crypto further.