Bitcoin’s value slipped under $61,000 on June 10, as market participants trimmed risk ahead of the crucial U.S. inflation report. The leading cryptocurrency touched an intraday low of $60,755 before edging back to around $61,200, reflecting growing caution among investors.
The price decline extended a broader selloff that has left Bitcoin more than 50% below its all-time high from October 2025. This movement comes as traders reassess their positions in light of recent stronger-than-expected economic data, which has diminished hopes for Federal Reserve rate cuts. Instead, some futures markets now price in the possibility of rate hikes later this year, adding pressure to risk assets like cryptocurrencies.
Inflation worries are further fueled by elevated oil prices, which remain near $88 per barrel despite a recent pullback. Rising geopolitical tensions in the Middle East, including reported attacks involving Iran and U.S. military action, are contributing to uncertainty. These factors have made traders reluctant to increase exposure to volatile assets ahead of the Consumer Price Index release, which could shape monetary policy expectations.
Institutional demand has also weakened, with data showing persistent outflows from U.S. spot Bitcoin ETFs in recent weeks. This trend removes a key driver of previous price rallies. Market maker Wintermute noted that the lack of significant capital inflows makes it difficult to identify a market bottom, as current buying activity is insufficient to counteract selling pressure. They also highlighted a liquidity gap between $50,000 and $59,000, which could amplify any downward move if key support levels break.
From a technical perspective, Bitcoin remains in a bearish phase. The daily chart shows the asset trading below a bearish Supertrend indicator near $68,400, which has been negative since late May. A pattern of lower highs and lower lows has persisted since Bitcoin failed to hold above $80,000. The daily MACD remains below zero, indicating weak momentum despite a slight easing in selling pressure.
Analysts are closely watching the $60,000 support level. Ted Pillows suggested that a sweep of this zone could occur, and if it holds, Bitcoin might bounce back toward $65,000. However, a failure could lead to new yearly lows. Fellow analyst Lennaert Snyder identified the previous day’s low near $60,800 as another key level, while noting that liquidity is concentrated above $65,000 and $68,000. Longer-term charts point to a major support zone between $50,000 and $55,000, which served as a consolidation range throughout 2024. If current support fails, this area is expected to be the next critical test for Bitcoin’s market structure.