Bitcoin price loses $64K support after hawkish Fed, $60K risk
Bitcoin price slipped after the Federal Reserve turned hawkish, wiping out a relief bounce. BTC fell about 4% from a June 17 high of $66,315 to an intraday low near $63,683, then hovered around $64,444. The hawkish dot plot (fewer cuts, higher-for-longer) and comments from Fed Chair Kevin Warsh drove a broad risk-off move.
Traders reacted in derivatives: over $1.2B in crypto positions were liquidated in 24 hours, with longs hit hardest. Ahead of the June 26 Bitcoin options expiry, Deribit open interest is 163,617 contracts (~$10.5B notional). Call open interest clusters around the $80,000 strike, while puts are heaviest near lower strikes, including $60,000. The max pain price is about $74,000, implying volatility as positioning resets.
Technically, Bitcoin price is testing key support near $64,000. If it fails to hold, analysts flag downside levels at $61,000–$62,000, with $60,000 as the next major target. Momentum weakened (RSI around neutral ~44; Chaikin Money Flow near zero). Additional caution comes from spot Bitcoin ETF outflows and weaker US investor demand signals (Coinbase Premium Index negative).
Bearish
A hawkish Fed is the direct catalyst. It shifts rates expectations toward “higher-for-longer”, which historically pressures risk assets and can trigger sustained selling rather than a one-day dip. The liquidation data confirms forced de-risking: $1.2B+ liquidations with longs dominating typically accelerates momentum to the downside and can break technical levels quickly.
The $64K area is being tested and the article highlights a clear conditional path: if Bitcoin price fails to hold $64,000, the market can gravitate to $61,000–$62,000 and potentially $60,000. That matches prior patterns seen around macro shocks, where price first overshoots on leverage unwinds, then retests lower liquidity clusters.
Near-term volatility risk is elevated into the June 26 Bitcoin options expiry. With put interest strongest near $60,000, dealers may hedge in a way that increases sensitivity around those strikes. Longer-term sentiment also faces headwinds from spot Bitcoin ETF outflows and weaker US demand signals.
Overall, the setup is more consistent with bearish continuation (support breakdown + leverage unwind + event-driven volatility) than with a stable base for a rapid recovery.