Bitcoin consolidates near 73,500 as Hormuz talks stall energy relief.

Bitcoin trades in tight range around 73,500 dollars as low volume and moderate liquidations leave no forced move either way. The single dominant fact is stalled spot demand from ETF outflows that has not yet produced capitulation selling or renewed inflows decisive enough to shift the balance.^[1][2] The ignored contradiction sits in the Hormuz impasse where restricted traffic keeps energy prices elevated near 91 dollars for Brent even after recent easing, transmitting imported inflation into Asian currencies without any corresponding safe-haven bid appearing in Bitcoin flows or positioning.^[3][4] Whether the next exchange netflow print sustains the recent outflow pattern or reverses into selling will decide if this consolidation resolves higher or simply grinds lower under persistent macro drag.