If 59,000 breaks, summer will really be completely cool.

CryptoWorld News reports that Wintermute stated in its latest report that, due to the intertwined effects of the Federal Reserve’s hawkish stance and geopolitical news (such as the US-Iran agreement), Bitcoin and Ethereum are moving toward the lower end of their recent price ranges. The report notes that the overall backdrop for the crypto market is deteriorating, correlations among tokens are rising, and as summer approaches and liquidity gradually weakens, there are no signs of new institutional buying in ETF fund flows. Wintermute emphasizes that if the current downward pressure continues, $59,000 will be the key BTC support level to watch and the bear-market low. In the remaining time this week, the market will be shaped by three major catalysts: the subsequent developments of the US-Iran peace agreement, the PCE inflation data to be released on Thursday, and the quarterly options expiration at the end of the month.