Bitcoin dropped into the $63,200 support zone in the hours ahead of the CPI release as roughly $174 million in cumulative long-short positioning was wiped out, then recovered to around $64,130. Iran holding its conditions on reopening the Strait of Hormuz added a second layer of pressure, with rising energy costs feeding the argument that inflation could stay above the Fed's target longer than expected. Support below now sits at $62,000 to $62,500.