Bitcoin price slipped below key support near $64,000 after a hawkish shift from the Federal Reserve erased gains tied to easing geopolitical tensions, placing the market at risk of a deeper pullback toward the $60,000 range.
The bitcoin price fell from a June 17 high of $66,315 to an intraday low near $62,000 during early June 18 trading, marking a 4% decline. Price action stabilized near $62,500, though momentum remains fragile as macro pressure builds.
The Federal Reserve held its benchmark rate steady at 3.50% to 3.75% but signaled a tighter policy path through updated projections. Policymakers reduced expectations for rate cuts and left open the possibility of further hikes. Chair Kevin Warsh also indicated a shift away from forward guidance, adding uncertainty across financial markets.
The reaction triggered a broad risk-off move. Crypto markets declined alongside equities tied to growth and liquidity, while the U.S. dollar index climbed to its highest level in over a year. Rising yields and a stronger dollar tend to weigh on assets such as Bitcoin that rely on abundant liquidity.
The decline came despite a supportive geopolitical development. The United States and Iran implemented an interim agreement that reopened the Strait of Hormuz and allowed Iranian oil exports to resume. Oil prices fell toward $75 per barrel, a move that would usually support risk assets.
Bitcoin failed to respond, underscoring the dominance of monetary policy in shaping near-term sentiment.
According to Bitcoin Magazine Pro data, attention has also turned to the upcoming June 26 Bitcoin options expiry, which carries roughly $10.5 billion in open interest. Call options cluster near the $80,000 strike, while put demand has built near $60,000. The current “max pain” level sits near $74,000, far above spot prices, leaving many bullish positions under pressure and increasing the likelihood of hedging flows.
Bitcoin price levels
Bitcoin price momentum has cooled. The relative strength index has moved toward neutral territory, while money flow indicators show reduced buying pressure.
On the daily chart, Bitcoin price remains below key resistance levels, including the 61.8% Fibonacci retracement near $65,000 and a broader trend resistance near $68,400. Trend indicators continue to favor sellers, reflecting the continuation of the downtrend that began after May highs.
Liquidity data highlights clear battleground levels. Significant clusters of liquidation interest sit above price near $65,000 to $67,000, while downside liquidity concentrates around $63,500 and $62,000. These zones may act as magnets for price as leverage builds.
Market participants are watching whether the $62,000 level can hold. A sustained move below this range could open a path toward $60,000 and the June low below $60,000. A deeper retracement remains possible if macro conditions tighten further, with extreme scenarios pointing toward the $50,000 region based on past cycle behavior.
Institutional flows present another challenge. U.S.-listed spot Bitcoin ETFs have recorded outflows in recent sessions, signaling reduced demand from large investors. At the same time, the Coinbase Premium Index remains negative, suggesting weaker buying activity from U.S.-based participants.
There are, however, mixed signals beneath the surface. Large Bitcoin holders have increased accumulation, with wallets holding at least 1,000 BTC reaching their highest levels since March.
Exchange reserves have also declined, pointing to continued long-term holding behavior.
For now, Bitcoin price appears range-bound between $60,000 and $70,000 as markets search for direction. A reclaim of $65,000 followed by a move above $67,000 could restore bullish momentum and shift focus toward $70,000.
Failure to hold current support, however, would reinforce downside risks as macro headwinds remain in control.