Bitcoin has fallen back toward $64,000 after a hawkish outlook from the Federal Reserve erased a relief rally fueled by easing tensions in the Middle East, and traders are now debating whether support near $64,000 can prevent a deeper pullback toward June lows.
Summary
- Bitcoin fell from $66,315 to $64,103 after the Federal Reserve projected additional rate hikes for 2026.
- Liquidation heatmaps show significant leverage pools between $64,000 and $65,000, increasing downside volatility risks.
- Analysts warn that weak spot demand and continued ETF outflows could expose the $60,000 support zone.
According to data from crypto.news, Bitcoin (btc) rose to an intraday high of $66,315 on June 17 before reversing sharply and falling to a low of $64,103 during early trading on June 18.
The reversal followed the Federal Reserve’s decision. decision keep interest rates unchanged between 3.50% and 3.75%, although authorities surprised markets by projecting additional rate increases in 2026. The announcement came just hours after reports of a preliminary deal between the United States and Iran had fueled a risk-on move in the cryptocurrency and stock markets.
Before the Federal Reserve’s decision, traders had welcomed the news that Washington and Tehran were moving toward a structure That could reopen the Strait of Hormuz and ease pressure on global energy markets.
Oil prices had already pulled back sharply from recent highs, helping risk assets rally. Bitcoin’s initial rally also triggered a wave of short liquidations, with more than $150 million in bearish positions forced out of the market as the BTC price surpassed $66,000.
Beyond the macroeconomic headlines, institutional demand has remained under pressure. US Bitcoin spot ETFs have continued to see net outflows in recent weeks, reducing a key source of structural demand that supported previous rallies.
Capital has also gravitated toward traditional risk assets, particularly AI-related stocks and newly listed high-growth companies like SpaceX, which have attracted significant speculative flows of institutional investors.
Technical Structure Leaves Bitcoin Trapped Under Major Resistance
The daily chart shows that Bitcoin’s bounce stalled almost precisely at the 78.6% Fibonacci retracement level near $64,230, calculated from the drop between the May peak around $82,939 and the June low near $59,136.
The major retracement level of 61.8% sits much higher near $68,229, reinforcing the importance of the $68,000 to $69,000 area as a major resistance zone should buyers regain control.
Momentum indicators remain mixed. The daily MACD has begun to recover from deeply negative territory, but the histogram remains below levels typically associated with trend reversals. Meanwhile, the daily RSI is trading below 40, showing that bearish momentum is still dominating despite last week’s rebound from sub-$60,000 levels.
On the four-hour chart, Bitcoin pulled back to test an ascending trend line that has supported the price since the June 5 low. The asset also remains below the Supertrend resistance level near $67,113, a threshold that has repeatedly rejected recovery attempts throughout June. BTC price is currently trading just above Supertrend support, around $64,500, putting the market at a technically important inflection point.
Positioning in derivatives adds another layer of risk. CoinGlass liquidation heatmaps show one of the largest nearby liquidity pools concentrated between $64,500 and $65,000, where heavily leveraged long positions were built up during the latest bounce. Bitcoin’s decline in that area triggered a cascade of liquidations and exposed additional pockets of liquidity near $64,000.
According to analyst Ardi, the current rally has similarities to the move that preceded Bitcoin’s previous drop from $83,000.
“If we don’t see spot volume catch up, I have very little doubt that we will eventually see a similar result.”
sheep noted that perpetual futures activity has continued to rise while spot demand remains near cycle lows, suggesting that leverage, rather than fresh capital, has driven much of the recent recovery.
Loss of $64,000 support could expose June lows
Several traders now view the $64,000 region as the most important short-term support level in the market. Commenting on the latest breakdown, analyst Wealthmanager argued that a sustained move below that zone could reopen the path towards $60,000.
Liquidation data supports that view. Below current prices, large concentrations of leverage remain visible between $60,000 and $61,000, creating a potential magnet if selling pressure accelerates. At the same time, Bitcoin’s failure to reclaim the Supertrend resistance and its position below the major moving average resistance groups leaves the bulls with limited margin for error.
A recovery above $66,000 would likely force another round of short liquidations and refocus attention on the $68,000 to $69,000 resistance region. Until then, traders will remain caught between deteriorating macroeconomic conditions, persistent ETF outflows, and a still highly leveraged derivatives market.
Disclosure: This article does not represent investment advice. The content and materials appearing on this page are for educational purposes only.
