Bitcoin consolidates near 63000 dollars amid steady dollar strength and stalled Hormuz talks.

Bitcoin sits in defensive consolidation near 63000 dollars where modest exchange inflows and an MVRV ratio of 1.20 signal distribution pressure rather than fresh accumulation. Holders remain above breakeven yet show no willingness to absorb supply while broader markets price higher-for-longer rates without any liquidity crisis or decisive geopolitical relief. The contradiction is that energy prices have firmed and dollar demand holds steady even as talks on Hormuz stall, yet Bitcoin registers none of that tension in its price action or network metrics. What happens to positioning if inflows persist above recent averages while yields stay anchored above 4.4 percent?