Over the weekend, Bitcoin's price still hovered around $60,000, which is fairly solid, but it depends on whether any surprises will occur next week. The issue is that there will be CPI data released on Wednesday, followed by PPI data on Thursday. PPI is relatively okay, but based on the projected CPI data, it does not look friendly; although the month-on-month rate might see some adjustment, the year-on-year rate is still rising due to the increase in oil prices. The market is mainly concerned about the year-on-year rate.

Furthermore, EIA crude oil inventory data will also be released on Wednesday. If the reported data is poor, it indicates that the U.S. will continue to face expectations of rising oil prices, which could be adding insult to injury. Over the weekend, there were also tensions between the U.S. and Iran, with the U.S. continuing to expel ships close to Iran, while Iran continues to condemn this, resulting in CLUSDT's price fluctuating around $90.

Time is running out for Trump. If he wants to boost the U.S. stock market, he must suppress the rise in oil prices, and to suppress oil prices, he needs to open the Strait of Hormuz. Despite all the efforts, Hormuz is still under Iran's control. After the CPI data is released, it will be the Federal Reserve's June meeting, which may become even more challenging.

I am still not very worried about Bitcoin. Even if it falls below $60,000 next week, there is nothing that can be done. As mentioned earlier, the main way to boost bitcoin:native prices is to resolve the expectations of rising inflation related to Hormuz. Of course, investors also need to move past MSTR selling Bitcoin's shadow; the latter is more manageable, but the former is quite painful.

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