TLDR
- Bitcoin fell 2.5% to around $62,674 on Tuesday, June 23, 2026.
- The Federal Reserve’s hawkish stance on interest rates is putting pressure on crypto markets.
- Spot Bitcoin ETFs saw nearly $160 million in outflows this week, continuing a six-week streak.
- A global tech sell-off dragged down risk assets, with the Nasdaq falling over 2%.
- On-chain data shows $60,587 is the key support level; a break below it could open a path to $46,702.
Bitcoin has been under pressure this week, sliding toward the $60,000 mark as a mix of macro headwinds and institutional selling weigh on the market.
Bitcoin fell 2.5% to $62,674.70 on Tuesday, June 23. That’s more than 50% below its all-time high of $126,000 reached in October 2025.
The drop came as traders digested hawkish signals from the Federal Reserve. Last week, the Fed left rates unchanged but dropped any bias toward cuts in its first meeting chaired by new chair Kevin Warsh. Most Fed policymakers now lean toward raising rates later this year.
Higher interest rates are generally bad for assets like Bitcoin, which don’t produce yield. Markets are now pricing in a near-70% chance of a rate hike in September, according to the CME FedWatch Tool.
Talk about a turn of events.
There is now a 25% chance that the Fed raises interest rates next month, at the July 29th meeting.
At the start of 2026, markets had been pricing-in 2 interest rate CUTS by the July meeting.
"Higher for longer" is officially back. pic.twitter.com/r6XWPib1zi
— The Kobeissi Letter (@KobeissiLetter) June 23, 2026
Thursday’s PCE inflation data is seen as the next big test. Core PCE is expected to show a 3.4% year-over-year rise in May, well above the Fed’s 2% target. Analyst Dessislava Ianeva from Nexo noted: “A hawkish PCE surprise reinforces the post-FOMC dollar bid, the most consistent headwind for bitcoin since the June meeting.”
The U.S.-Iran conflict is also a factor. The war has closed the Strait of Hormuz, putting pressure on energy markets and overall risk sentiment.
ETF Outflows Remain a Key Pressure Point
Spot Bitcoin ETFs have now seen six straight weeks of outflows. Nearly $160 million was pulled from these products this week alone. Over the past 30 days, net outflows across the spot Bitcoin ETF complex have exceeded $6 billion.
Mike McCluskey, co-founder of crypto tokenization platform TX, said the ETF data is the market’s primary story: “Until this flow data demonstrates a definitive reversal, any relief rallies are likely to find a hard ceiling.”
The Coinbase premium index also showed Bitcoin trading at a discount on the largest U.S. exchange, pointing to weak retail demand domestically.
Key Support Level to Watch
Crypto analyst Ali Charts flagged a critical price zone on-chain. Over 1.3 million BTC were transacted between $60,000 and $63,000, making it the largest volume cluster on the chart.
BITCOIN: THE MOST IMPORTANT LEVEL
On-chain data shows that over 1.3 million $BTC were transacted between $60,000 to $63,000, making it the largest volume cluster.
Immediate support at $60,587 must hold to maintain the current trend. A break below it opens a path to $46,702,… pic.twitter.com/P9dDcS4irB
— Ali Charts (@alicharts) June 23, 2026
Ali Charts stated: “Immediate support at $60,587 must hold to maintain the current trend. A break below it opens a path to $46,702, where 150,000 BTC moved.”
A broader tech sell-off on Wall Street added to the pressure. The Nasdaq Composite fell more than 2% on Tuesday. Bitcoin also caught pressure from that risk-off mood across markets.
With PCE data due Thursday and ETF flows still negative, the $60,587 support level remains the number traders are watching most closely.
