Over the past two days, global markets have been falling across the board, and the crypto market hasn’t escaped either. Bitcoin at one point dipped below 62,000, and more than 100,000 traders were liquidated. The Federal Reserve signaled it plans to raise rates—rate cuts are basically out of the question. Bitcoin spot ETF funds have been continuously pulling money out; on top of that, tech stocks in the US fell sharply, so everyone is too afraid to take risks.

$BTC Now, Bitcoin is stuck between 61,870 and 63,100, and it’s tough to move either direction. While it looks like it’s about to rebound from a double bottom, as long as it hasn’t broken above 63,100, it’s just an illusion—and it could drop again at any time. If 61,870 can’t hold, it may fall further to 61,100, or even 60,600. To go up, it first needs to break through 63,100.

$ETH Ethereum is even worse: it dropped below 1,650, and 1,680 is acting as a ceiling that it can’t get past. If it keeps falling, the support levels at 1,630 and 1,600 could also be in danger.

Overall, the broader environment isn’t good right now, and the technical picture isn’t giving much support either. Next, we’ll look to the US inflation data on June 25. Don’t rush to buy the dip—control your position size and wait until the direction of the market becomes clear!