Bitcoin Slips Below Key Support Zone Amid Stronger-Than-Expected Inflation

Bitcoin's price slipped back toward $62,500 after the release of May's producer inflation data, which showed a 1.1% increase and an annual PPI of 6.5%. This exceeded analyst expectations and weighed on sentiment ahead of the Federal Reserve's June policy meeting.

The report also highlighted concerns about energy costs, with crude oil climbing to $90.8 per barrel after comments from U.S. President Donald Trump regarding potential military action against Iran and possible U.S. control over parts of the country's oil infrastructure.

According to Daan Crypto Trades, bulls are defending the $60,000 area alongside Bitcoin's weekly 200 moving average. A break below that level would likely keep the larger downtrend intact, while maintaining support could allow a recovery attempt toward higher resistance levels.