BTC Hovers Near 60,000 Mark After Plunge. US May CPI Set to Be Revealed, How Is Wall Street Betting?

TradingKey - Bitcoin's rebound falters as the U.S.-Iran conflict and CPI data likely sustain downward pressure.

On June 10, escalating U.S.-Iran tensions put the already fragile crypto market to the test once again, as the Bitcoin ( BTC) price rebound hit a snag, falling over 3% intraday to retreat toward the $60,000 level, currently trading at $61,220. Since Strategy was reported to be selling BTC on June 1, Bitcoin's price has seen a cumulative decline with a maximum drawdown of 20%.

Bitcoin Price Chart, Source: CoinMarketCap

Last weekend, the U.S. military shot down four Iranian drones and destroyed their coastal radar near the Strait of Hormuz. Hours later, Iran retaliated by launching ballistic missiles and drones at military bases in Kuwait and Bahrain. On Monday (June 8), a U.S. AH-64 Apache helicopter was shot down by an Iranian drone off the coast of Oman. The following day, President Trump emphasized that the U.S. military must provide a "proportional response," completely stifling Bitcoin's rebound.

On June 7, Strategy founder Michael Saylor posted "A good time to add more dets," which was viewed by the market as a signal to increase holdings, boosting Bitcoin by about 4% intraday to move above $64,000. However, this rebound was very brief and weak, and the price may lose the $60,000 level again. Amid these adverse conditions, investors are on high alert for a potential new wave of targeted strikes by the U.S. military while hoping for the upcoming CPI data.

Tonight at 20:30 Beijing time, the U.S. Bureau of Labor Statistics will officially release the May CPI (Consumer Price Index). Will this critical report, dubbed the "verdict on the Fed's interest rate path," trigger the next wave of institutional forced liquidations or serve as the spark for a bullish turnaround?

According to the latest forecast matrix from top institutions such as Goldman Sachs, Vanguard, and MUFG collected by FactSet and Bloomberg, inflation data for May is expected to remain high, driven by "war-induced energy shocks" transmitting to the warehousing, wholesale, and retail sectors. Adam Schickling, a senior economist at Vanguard, noted, "The May CPI report will largely continue to present a grim picture—overall consumer price increases are still moving faster than Fed policymakers would prefer."

Despite macro conditions and geopolitical conflicts weighing on Bitcoin, Wall Street institutions remain optimistic about its long-term future. On June 9, Zach Pandl, Head of Research at Grayscale, stated that "on-chain valuation metrics suggest Bitcoin is currently undervalued." Furthermore, Bernstein analyst Gautam Chhugani also noted, "Despite cumulative net outflows of $2.6 billion from Bitcoin spot ETFs in 2026, the long-term thesis for Bitcoin as a store-of-value asset remains unchanged."