Bitcoin Retraces to $62,500 After PPI Surges to 6.5%

Bitcoin slipped back to $62,500 after May PPI soared 1.1% month-over-month and 6.5% year-over-year, hotter than expected and ahead of the June FOMC. The move follows a May CPI print that matched forecasts at 4.2% YoY but was accompanied by a strong jobs report of 172,000 payrolls, pushing the 10-year yield to 4.54% and killing near-term rate-cut hopes. BTC had briefly recovered above $63,000 after the CPI release but remains down 36% since January, with traders now focused on whether the hotter producer prices will keep the Fed on hold or tilt it toward additional tightening.