Bitcoin price analysis sees multiple bullish setups forming as a US-Iran peace deal which will open the Strait of Hormuz deadline arrives.

Bitcoin manages to return to $63,000 despite mounting US inflation headwinds and Iran's new declaration of the complete closure of the Strait of Hormuz oil route.

Bitcoin rose roughly 3% to above $63,000 Thursday after Trump canceled scheduled Iran strikes and signaled a multi-nation peace deal was nearing completion.