Analyst: FOMC May Trigger Bearish Move; Bitcoin Needs to Hold $64,000 Support

ChainCatcher report: Bitcoin has fallen below $65,000, nearing a key short-term support level ahead of the Federal Reserve’s interest rate decision. The Fed will announce its rate decision at 2:00 AM Beijing time on June 18, making it the primary catalyst for market volatility this week. This FOMC meeting is also the first since Kevin Warsh assumed the role of new Fed Chair, so his post-meeting press conference remarks are being closely watched alongside the rate outcome. Trader Killa noted that the FOMC could set the tone for market movement for the remainder of June. He pointed out that BTC is currently forming a bullish narrative around this event, but outcomes are typically priced in by the market before the announcement. Killa added that, based on recent historical patterns, FOMC days tend to generate more bearish than bullish reactions. He warned that BTC must maintain a bullish market structure from its current level near $64,000; otherwise, it is highly likely to retest the $60,000 low after this turning point. Another trader, Niels, said the FOMC meeting coincides with nearing progress toward a peace agreement between the U.S. and Iran, which may temporarily support BTC in the short term, but it could still decline toward $55,000 in the end. However, analyst Cryptic Trades offered a more optimistic view, suggesting BTC could continue rallying after the FOMC. He noted that BTC has recently encountered resistance near a daily bullish support zone formed by two key moving averages, but after this pullback, the next major upward move is imminent.