Bitcoin struggles near June lows as Fed hawks lift dollar

Bitcoin Extends Decline as Hawkish Fed and Strong Dollar Weigh on Crypto Markets

Bitcoin slid further in late June trading, with the cryptocurrency hovering near its lowest levels in weeks as a confluence of macroeconomic pressures continued to squeeze risk assets. The world’s largest cryptocurrency opened Monday at $63,242 before partially recovering, according to Yahoo Finance, but remained well below the $65,000 support zone that analysts have identified as critical.yahoo

Tech Rout and Risk-Off Sentiment

The decline comes amid a broader selloff in technology and semiconductor stocks that has rippled through risk assets since early June. The Nasdaq Composite posted its worst session since April 2025 during the initial wave of selling, while the Philadelphia SE Semiconductor Index fell as much as 8.6% before partially recovering. Reuters reported that technology stocks resumed selling pressure as investors rotated away from AI and semiconductor names.citynational

Bitcoin’s correlation with tech stocks has amplified the damage. Coinglass data showed that liquidations have been a recurring feature of the downturn, with multiple billion-dollar wipeout events throughout June. The largest single-day liquidation event came on June 5, when $1.75 billion was liquidated and 351,233 traders were wiped out. Long positions have consistently borne the brunt of forced selling, with one early June session seeing $1.35 billion in long positions liquidated against just $136 million in shorts.cryptonews

Institutional Retreat Under Warsh’s Fed

The macro backdrop has grown increasingly hostile for crypto. Federal Reserve Chairman Kevin Warsh, who took office on May 22, held rates steady at 3.50%–3.75% at his inaugural policy meeting on June 17 but signaled a possible rate hike later in 2026 to combat inflation running at 4.2%. The hawkish stance propelled the US Dollar Index above 100 to around 100.84 as of June 22 — its highest since May 2025.cnn

Spot Bitcoin ETFs have experienced sustained outflows, with Galaxy Research documenting 13 consecutive days of net withdrawals in late May through early June that totaled $4.33 billion and 59,351 BTC. BlackRock’s iShares Bitcoin Trust recorded $2.43 billion in net outflows over nine consecutive sessions, including a $1.26 billion dark-pool block sale on May 26 — the largest single-day redemption since the fund’s January 2024 launch.beincrypto

What Comes Next

With Bitcoin down more than 30% from its all-time high of $126,198 reached in October 2025, prediction market participants on Kalshi assign an 80% probability that the price will fall below $60,000 before year-end and only a 27% chance of returning to six figures in 2026. Analysts at Investing.com have identified $62,000 to $65,000 as a likely near-term trading range, with direction dependent on whether institutional outflows stabilize.fortune