Bitcoin Pressured Toward $60,000 as Fed Hawkish Stance and ETF Outflows Weigh on Crypto Market
Bitcoin Pressured Near $60,000 as Fed Hawkish Stance and ETF Outflows Weigh on Market
Bitcoin has remained under heavy selling pressure this week, moving closer to the key psychological level of $60,000 as macroeconomic uncertainty and institutional capital outflows continue to impact the crypto market.
The world’s largest cryptocurrency fell 2.5% to $62,674.70 on Tuesday, June 23. The current price marks a decline of more than 50% from its October 2025 peak of $126,000.
Selling pressure increased after Federal Reserve (Fed) officials delivered more hawkish comments. During last week’s policy meeting led by new Fed Chair Kevin Warsh, the central bank kept interest rates unchanged while removing earlier signals that suggested possible rate cuts. Most Fed officials now support the possibility of raising rates before the end of the year.
Higher interest rates are typically negative for non-yielding assets like Bitcoin, as investors often shift toward safer assets that offer stronger returns.
According to data from the CME FedWatch Tool, markets are now pricing in nearly a 70% chance of a Fed rate hike in September.
Investor attention is now focused on the upcoming Personal Consumption Expenditures (PCE) inflation report scheduled for Thursday. Economists expect core PCE inflation to rise 3.4% year-over-year in May, well above the Fed’s 2% inflation target.
Dessislava Ianeva, analyst at Nexo, said that a higher-than-expected inflation reading could strengthen the U.S. dollar further and create additional pressure on Bitcoin following the June FOMC meeting.
At the same time, geopolitical tensions between the United States and Iran are adding more uncertainty to global markets. The conflict has led to the closure of the Strait of Hormuz, increasing volatility in energy markets and reducing investor appetite for risk assets.
Bitcoin ETF Outflows Continue
Pressure on Bitcoin is also coming from continued outflows from U.S. spot Bitcoin ETFs, which have now recorded six consecutive weeks of capital outflows.
Around $160 million has left Bitcoin ETF products this week alone. Over the past 30 days, total net outflows from spot Bitcoin ETFs have exceeded $6 billion.
Mike McCluskey, co-founder of crypto tokenization platform TX, said ETF flow data remains a key factor for market direction. According to him, any Bitcoin recovery rally could remain limited until ETF flows begin to reverse.
Meanwhile, the Coinbase Premium Index shows Bitcoin trading at a discount on Coinbase, signaling that retail investor participation in the U.S. remains relatively weak.
Key Bitcoin Support Level Under Pressure
Crypto analyst Ali Charts identified an important price zone based on on-chain data. More than 1.3 million BTC changed hands between $60,000 and $63,000, making this one of Bitcoin’s strongest support zones.
According to Ali Charts, $60,587 is a critical support level that must hold to maintain the current trend. If Bitcoin breaks below that level, the price could fall further toward $46,702, where roughly 150,000 BTC previously moved on-chain.
Additional pressure also came from weakness in the U.S. technology sector, with the Nasdaq Composite falling more than 2% on Tuesday, reinforcing the broader risk-off sentiment that has also impacted crypto markets.
With the PCE inflation report due on Thursday and ETF outflows still negative, traders are now closely watching whether Bitcoin can hold above the $60,587 support level or continue its downward trend.
