Overview
- The Federal Reserve left the funds rate at 3.50%–3.75% but projected additional hikes for 2026, a June 17 development that wiped out a rally tied to reports of a U.S.–Iran agreement and sent bitcoin from about $66,300 down toward $64,100.
- Liquidations of leveraged positions accelerated the pullback, with published figures ranging from roughly $150 million to more than $340 million removed from the market and large clusters of stop orders concentrated around the $64,000–$65,000 band.
- Traders and chart analysts identify $64,000–$65,000 as the immediate battleground and warn that a sustained break below that zone would likely open the path back to the $60,000 area while a reclaim above the mid-$66,000s would be needed to revive the rally.
- On-chain data show sizeable whale accumulation—Santiment-tracked addresses added about 30,000 BTC over the prior week—while spot Bitcoin ETF flows are mixed, with small daily inflows reported even as U.S. ETFs recorded net outflows over recent weeks.
- What matters next is whether spot buying and ETF demand can absorb forced selling from derivatives; if support holds price volatility may ease but failing the $64k band could deepen losses and further squeeze retail and leveraged traders.