Bitcoin trades below $63,000 despite softer inflation concerns after US CPI data

Bitcoin traded below the $63,000 mark on Thursday despite the latest U.S. CPI data coming in line with expectation. The Consumer Price Index increased 4% in the 12 months through May, the largest gain since April 2023, the Labor Department's Bureau of Labor Statistics said on Wednesday. The cryptocurrency was trading at $62,740 mark.

In the last 24 hours, Bitcoin and Ethereum went up 2% each. Ethereum traded at $1,656 mark. Among the major altcoins, BNB, XRP, Solana, Tron, Dogecoin, Cardano gained up to 3% whereas Hyperliquid fell 2%.

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Akshat Siddhant, Lead quant analyst, Mudrex said Bitcoin remains range-bound between $60,500 and $62,500 as markets struggle to build momentum despite the latest U.S. CPI data coming in line with expectations. While the inflation print reduced concerns of a more aggressive Federal Reserve stance and improved risk sentiment, it was not enough to trigger a sustained rally.

The global crypto market capitalisation went up 2% to $2.15 trillion, according to CoinMarketCap. Despite a small recovery the overall market sentiments continue to remain under extreme fear, said CoinDCX Research Team.

Vikram Subburaj, CEO, Giottus said Bitcoin entered June 11 in a relatively stable position after the sharp volatility seen during the first week of the month and the asset has seen a modest rebound in recent sessions. However, prices remain significantly below early June levels.

Ethereum and Bitcoin fell 2.5% and 8%, respectively, in the past week. Among the major altcoins, BNB, XRP, Solana, Tron, Dogecoin, Hyperliquid and Cardano fell up to 26%.

CoinSwitch Markets Desk said Bitcoin cooled off after the U.S. strike on Iran, moving back toward $61.5K after briefly recovering toward $63K. The move came alongside wider market repositioning, with oil near $93, gold around $4K, and U.S. equities also adjusting to the latest geopolitical developments.

What other analysts say on Bitcoin movement

Riya Sehgal, Research Analyst, Delta Exchange

Bitcoin is trading near $62,100 after defending the $60,000–$61,000 demand zone, while Ethereum is stabilising around $1,640 after a sharp drawdown. The recovery in both assets remains tentative. ETF flows continue to reflect caution, with June 9 seeing outflows from both Bitcoin and Ethereum spot ETFs.

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WazirX Market Desk

Bitcoin trades near $62,020, and Ethereum near $1,638, with both assets consolidating as key moving averages remain above current prices. Despite near-term caution, crypto adoption continues to advance, with Walmart’s crypto payment rollout expanding the use of digital assets in everyday retail transactions and increasing mainstream visibility.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)

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