Bitcoin remains under pressure following the Federal Reserve’s June meeting. While the U.S. central bank left interest rates unchanged, updated projections revealed a more hawkish stance among policymakers.
Markets have largely abandoned expectations of near-term monetary easing, and some Fed officials are now leaving the door open for another rate hike later this year. Against this backdrop, investors continue to reduce exposure to risk assets, including cryptocurrencies.
Chart points to a continuing downtrend
The technical picture remains fragile. After falling from highs above $80,000, Bitcoin continues to trade below its major moving averages, while the recent rebound from the $60,000–61,000 area still looks like a corrective bounce rather than the start of a sustainable recovery. The price is currently hovering near the key $63,000 support level, which remains the most important line of defense for bulls. Until Bitcoin reclaims the $68,000–70,000 zone, it is too early to talk about a confirmed trend reversal.
$63,000 emerges as the key level
In the short term, market attention is focused on the $63,000–65,000 range. Holding above this area would allow Bitcoin to build a base for a potential recovery and another attempt to move toward $68,000–70,000. However, a breakdown below support could hand control back to sellers and trigger a retest of the $60,000–61,000 region, where significant buying interest previously emerged. For now, downside risks continue to outweigh upside opportunities.
What comes next
Bitcoin’s next move will depend largely on upcoming U.S. macroeconomic data. If inflation continues to cool, pressure from monetary policy could begin to ease. However, the Fed’s current outlook still points to tighter financial conditions for longer, limiting the potential for a rapid recovery across the crypto market.
As I noted in my article Bitcoin holds below $68,000 as market awaits signals from ETFs and Fed, sellers continue to hold the upper hand for now, while the market remains in search of a sustainable bottom following the sharp correction of recent weeks.
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