Bitcoin slides below $65,000, trader warns $55,000 bottom if $64K

Bitcoin slipped below $65,000, hitting an intraday low of $64,782 on Bitstamp as the Fed’s FOMC meeting opened under new chair Kevin Warsh [1]. The move puts the market at a level the trader Killa calls “essential” – a breach could trigger a slide toward the $55,000 target that remains on the table.

Market reaction to the FOMC

The Federal Open Market Committee’s June decision was the week’s main volatility driver, with traders historically seeing “bearish reactions” on Fed days [1]. Killa noted that Bitcoin’s price action often weakens around such events, and that “the outcome is usually priced in before the news is released.” The trader warned that if Bitcoin cannot hold above the $64,000‑$65,000 band, “there’s a strong chance we revisit the $60K lows after this pivot” [1].

Price targets and competing views

While Killa keeps a $55,000 target in sight, other market voices are more optimistic. Analytics account Cryptic Trades pointed to a “daily bull market support band” formed by two moving averages, suggesting the next leg could be upward after the pullback [1]. Conversely, Niels of marketing agency STABL expects Bitcoin to “eventually” fall to $55,000 despite possible short‑term strength [1]. The divergent outlooks highlight the uncertainty around the FOMC’s impact.

On‑chain context

Recent on‑chain data shows a modest easing of selling pressure, with only 218,421 BTC aged two + years reactivated by early June—a sharp drop from 2024 activity [2]. Buy‑side demand rose by 125,000 BTC, and the Sharpe ratio improved, indicating stronger risk‑adjusted demand, but the market remains clustered around the $60k–$70k support zone [2].

What to watch

• $64,000–$65,000 zone: A decisive break below could trigger a move toward $55,000; a hold above may sustain bullish structure.
• FOMC outcome: Any surprise rate decision or dovish tone from Chair Warsh could shift sentiment.
• On‑chain age metrics: Reactivation of older coins above current levels would signal renewed selling pressure.

The price’s ability to stay above the $64K threshold will determine whether Bitcoin’s recent dip is a temporary pullback or the start of a deeper correction toward the $55,000 target. The market now watches the Fed’s tone as the next decisive factor.