Bitcoin wobbles near $61,000 ahead of May US CPI; risk of break below $60,000

Bitcoin hovered near $61,000 as traders braced for the May U.S. consumer price index, with a hotter-than-expected print potentially pushing BTC below $60,000. According to CoinDesk, Reuters expects CPI to rise 4.2% year-on-year versus April’s 3.8%, keeping inflation well above the Fed’s 2% target and reinforcing rate-hike fears. MUFG Research said a 0.3% MoM core reading could spark only a small rates move if driven by transitory factors, but broader inflation could trigger a sell-off. CME Fed fund futures imply a year-end rate at least 25 bps above the current 3.50%-3.75% range.