BlockBeats News, June 17th, Bitcoin fell below $65,000, approaching a key short-term support level ahead of the Federal Reserve interest rate decision. The Fed will announce the rate decision at 2 a.m. Beijing time on June 18th, which is the major volatility catalyst for the week. This FOMC meeting is also the first meeting after Kevin Warsh took office as the new Fed Chair, so his post-meeting press conference speech is also closely watched along with the rate decision.

Trader Killa stated that the FOMC may set the tone for the market trend for the remainder of June. He noted that BTC is currently forming a bullish narrative around this event, but the outcome is usually priced in by the market before the news release. Killa said that if recent history is any guide, FOMC days typically bring more bearish reactions than bullish ones.

Killa warned that BTC needs to maintain a bullish market structure from its current level of around $64,000; otherwise, after this turning point, there is a high probability of retesting the $60,000 low. Another trader, Niels, suggested that the FOMC meeting coincides with the nearing of the US-Iran peace agreement, BTC may show some short-term strength, but ultimately could drop to $55,000.

However, analyst Cryptic Trades provided a more optimistic view, believing that BTC may continue to rebound after the FOMC. He stated that BTC has encountered resistance near the daily bull market support zone formed by two key moving averages, but after this round of pullback, a significant uptrend is on the horizon.