Bitcoin plunged to $62,394 on Tuesday, June 23, 2026, dropping 2.54% as a bear pennant formation emerges on daily charts targeting a potentially brutal decline to $38,000. That level mirrors Bitcoin’s 2024 lows almost exactly. The cryptocurrency is clinging to the $59,000-$60,000 support zone ahead of two critical catalysts: Thursday’s May PCE inflation data and Friday’s quarterly options expiry.
The selloff stems from a hawkish Federal Reserve pivot signaling a possible 2026 rate hike, lifting Treasury yields and pressuring risk assets. Despite a US-Iran ceasefire signed June 19 boosting equities and lowering oil prices, Bitcoin ignored the geopolitical relief and tracked rates instead. On-chain data reveals large holders carrying short Bitcoin positions as hedges into Friday’s expiry, while quarter-end liquidity thinning threatens to amplify any directional move from Thursday’s inflation print. All major moving averages sit above current price, confirming bearish momentum.
FXnCO Insight
Traders should brace for heightened volatility around Thursday’s PCE release with defensive positioning warranted given thin quarter-end liquidity and whale short hedges pointing toward downside risk.
Source: Finance Magnates