Bitcoin Price Forecast: Can BTC Hold $60K Support Amid Rumored SpaceX IPO?

Author: Yashu Gola

Published: June 08, 2026

Key Points

• Bitcoin has maintained its position above the $60,000 psychological support level and the 200-week simple moving average (SMA) despite recent selloffs influenced by geopolitical tensions.
• The upcoming US Consumer Price Index (CPI) report is anticipated to be a significant macroeconomic catalyst, with expectations of higher inflation potentially impacting Bitcoin negatively.
• The rumored SpaceX IPO could divert investment away from Bitcoin, leading to concerns about an "exit liquidity rotation" into equities.

Market Context

Bitcoin's recent performance has been marked by volatility, with a notable decline from over $80,000 to the low $60,000s, exacerbated by geopolitical tensions and market reactions to economic data. The US stock market has also shown weakness, further diminishing risk appetite among investors.

Current Price Action

As of the beginning of the week, Bitcoin was fluctuating around the $63,000 mark, demonstrating resilience compared to broader market trends. Analysts suggest that Bitcoin's recent corrections make it a more attractive option for investors looking to rotate out of overvalued equities.

Upcoming Economic Indicators

The May CPI report, set to be released on Wednesday, is expected to show an increase in inflation, which could reinforce the Federal Reserve's stance on maintaining higher interest rates. A stronger-than-expected CPI could further pressure Bitcoin prices, while a softer reading might provide a temporary relief rally.

Impact of SpaceX IPO

The anticipated SpaceX IPO, aiming to raise approximately $75 billion, is seen as a potential drain on liquidity for speculative assets like Bitcoin. Analysts predict that the influx of capital into high-profile IPOs could lead to a sell-off in Bitcoin as investors seek to fund their equity positions.

Technical Analysis

From a technical perspective, Bitcoin is currently in a breakdown phase of a bear flag pattern, with a potential target around $50,000 if the $60,000 support fails. However, if Bitcoin can maintain its position above this support level, it may set the stage for a rebound towards the 50-week SMA, potentially reaching above $70,000.

Conclusion

Bitcoin's ability to hold above the $60,000 support level is critical in the coming days, especially with significant economic data and the SpaceX IPO on the horizon. The market's reaction to these events will likely dictate Bitcoin's short-term trajectory, with potential for both recovery and further declines.