According to ChainCatcher, Bitcoin has fallen below $65,000 and is approaching a key short-term support area ahead of the Federal Reserve’s interest rate decision. The Fed is scheduled to announce its rate decision at 2:00 a.m. Beijing time on June 18, and the announcement is being treated as the main volatility catalyst for the week. BTC is currently trading around the $64,000 area, where traders are focusing on whether the asset can maintain its bullish market structure.
Kevin Warsh’s first FOMC press conference draws trader focus
This FOMC meeting is also the first since Kevin Warsh became the new Federal Reserve chair. As a result, his post-meeting press conference is being discussed alongside the rate decision itself. Trader Killa said the FOMC could set the tone for market direction through the rest of June. Killa noted that BTC is currently building a bullish narrative around the event, while adding that outcomes are usually priced in before the news is released.
Killa also said that, if recent history is a guide, FOMC days have typically produced more bearish reactions than bullish ones. He warned that BTC needs to preserve its bullish market structure from the current level of around $64,000. Otherwise, after this turning point, he said there is a high probability that Bitcoin will retest the $60,000 low. This view places the $64,000 area at the center of the near-term structure debate.
Trader views split between $55,000 and $60,000 downside levels
Another trader, Niels, said the FOMC meeting coincides with a U.S.-Iran peace agreement being close to completion. In his view, BTC may show some short-term strength, but could still eventually fall toward $55,000. Compared with Killa’s warning about a possible retest of the $60,000 low, Niels presented a lower downside reference point, showing the range of trader expectations around the FOMC event.
Analyst Cryptic Trades offered a more optimistic view, saying BTC may continue to rebound after the FOMC. Cryptic Trades said Bitcoin has faced resistance near a daily bull market support band formed by two key moving averages, but after the current pullback, the next major move upward is about to arrive. The current debate therefore centers on the rate decision, Kevin Warsh’s press conference, and whether BTC can hold its short-term structure near $64,000.