The price of Bitcoin has dropped below Key support near $64,000 after a hawkish move from the Federal Reserve wiped out benefits associated with easing political tensions, putting the market at risk of a deep retracement of $60,000.
The price of bitcoin fell from a June 17 high of $66,315 to an intraday low near $62,000 in early trading on June 18, representing a 4% decline. Price action stabilized around $62,500, although the trend remains weak as pressure builds.
The Federal Reserve Board it happened Its interest rate is set at 3.50% to 3.75% but it showed a firmer policy path through the revised rate hike. Policymakers lowered expectations for rate cuts and left room for more hikes. Chairman Kevin Warsh also hinted at a change in future guidance, adding to the uncertainty in all financial markets.
This incident led to a serious crisis. Crypto markets fell alongside growth-linked currencies, while the US dollar index rose to its highest level in a year. High yields and a strong dollar tend to weigh on assets like Bitcoin that rely heavily on cash.
This decline came despite the development of political support. United States and Iran has been established a temporary deal that reopened the Strait of Hormuz and allowed Iranian oil exports to resume. Oil prices fell to $75 a barrel, a move that usually supports risky products.
Bitcoin failed to respond, emphasizing the control of the monetary policy in the creation of local ideas.
According to Bitcoin Magazine Pro dataattention has also turned to the arrival of June 26 Bitcoin options expiration, which carries about $ 10.5 billion in open interest. Call options are near $80,000, while the demand has built near $60,000. The current “max pain” level is around $74,000, above recent prices, leaving plenty of room for pressure and increasing the likelihood of hedging moves.
The price of bitcoin
The price of Bitcoin has dropped. The permission of the relative power is there to be moved to the neutral zone, while the indicators of the flow of money show a decrease in the depreciation.
On the daily chart, Bitcoin price remains below major resistance levels, including the 61.8% Fibonacci retracement near $65,000 and the major resistance near $68,400. Indicators continue to favor sellers, indicating a continuation of the decline that began after the May rally.
Liquidity data shows clear levels of the battlefield. The main interest rate with the top of the price is around $65,000 to $67,000, while the lowest price is around $63,500 and $62,000. These parts can act like magnets in the wood as they are made.
Market participants see it as $ 62,000 level can hold. A sustained move below this level could open the way to $60,000 and the June low below $60,000. A deep pullback is possible if the main conditions continue to develop, with the most likely ones pointing to the $50,000 area based on past trends.
Organizational movements present another problem. U.S.-listed Bitcoin ETFs have been on the decline in recent sessions, reflecting a decline in demand from large investors. At the same time, the Coinbase Premium Index remains negative, indicating weak buying activity from those from the US.
There are, however, mixed signals on the ground. Major groups of Bitcoin has increased accumulation, and wallets with at least 1,000 BTC reached their highest levels since March.
Stocks have also declined, indicating continued long-term holdings.
Currently, the price of Bitcoin seems to be between $60,000 and $70,000 as the markets look for direction. A retracement of $65,000 followed by a move above $67,000 could restore strength and move to $70,000.
Failing to have modern support, however, could exacerbate the dangers ahead as storms remain in control.
