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The two-day meeting of the U.S. Federal Reserve’s open market committee (FOMC) will conclude on June 17. The Fed’s new chair, Kevin Warsh, will make the rate-related decision on the same day.
The FedWatch Tool indicated that markets have largely priced in a hold of the interest rate at 3.50%-3.75%. Some short-term Bitcoin price volatility around the hours of the announcement remains possible.
Recent optimism around a U.S.-Iran peace deal has been cited as a factor behind Bitcoin’s move back toward the $65,000 level. However, the recovery was described as fragile, with declining spot volumes suggesting limited market conviction.
AMBCrypto also reported that Bitcoin may have already peaked after the macro optimism. In that view, the $67.3k level could represent the high-water mark for the next move.
On X, a crypto analyst said miner pressure increased sharply in June after Bitcoin fell to a low of $59.1k. The analyst argued that the price drop forced miners to reduce or diversify operations to lower costs.
The analyst pointed to a 28% decline in hashrate since last October. They also noted that February and the earlier part of June showed similarities.
According to the report, both periods led to increased BTC miner inflows to exchanges. The production cost was cited at $76k, while market prices were far lower, forcing miners to operate at a loss and sell some inventory to cover expenses.
The report described a framework in which each cycle can be broken down into five phases, ranging from overheated bull to extreme bear. Based on the miner-related metric cited above, it said the threshold for an extreme bear phase had not yet been reached.
On-chain data was described as showing miners and holders facing heavy losses, with the report stating that capitulation had not yet ended. From a price-action perspective, the trend was characterized as bearish across the weekly down to the 4-hour timeframes.
On the 4-hour chart, the swing structure was described as bearish. The report said the U.S.-Iran peace talks coincided with a BTC bounce that reached just beyond the 50% retracement level at $66.8k.
However, it added that recent rejection could lead to a move below the $64k support zone (cyan). If that occurs, it said the odds of a drop below the $59.1k level would increase.
Ready Card users outside the European Economic Area have reportedly faced an abrupt service halt after a transition involving the card issuer disrupted the USDC spending product, according to user notices shared on X.
A notice shared…
