Bitcoin Awaits Tuesday's Triple Threat: CPI, Warsh, and Hormuz

Bitcoin's price is trading near $62,172, down roughly 3.1% after a volatile day that saw it swing between an intraday high of $64,273 and a low of $61,794.

The cryptocurrency faces three significant catalysts within the next 24 hours: June's Consumer Price Index (CPI) release at 8:30 a.m. ET on Tuesday, Fed Chair Kevin Warsh's semiannual testimony before Congress at 10:00 a.m. ET, and the start of US military enforcement of a blockade against Iranian shipping at 4:00 p.m. ET.

The July 14 blockade falls within the same trading day as the other two catalysts, which could impact Bitcoin's price as it reacts to backward-looking relief and forward-looking shock.