Bitcoin fell back below $65,000 as the Federal Reserve meeting approached, with structural concerns and leverage risks resonating within Strategy.

According to Mars Finance, Bitcoin continued to be under pressure due to macroeconomic uncertainty and institutional investors' wait-and-see attitude, with the price hovering around $64,500, down about 2% on the day. The market is awaiting the outcome of the Federal Reserve FOMC meeting chaired by Kevin Warsh for the first time, with the general expectation that interest rates will remain unchanged in the 3.5%–3.75% range. Analysts point out that the focus of this meeting has shifted from "whether to cut interest rates" to "policy path and inflation signals." Current US inflation is considered to be still at a near three-year high, and changes in energy prices and geopolitical situations have made the market cautious about the future policy direction. Pressure is simultaneously emerging at the on-chain and institutional levels. Structural concerns surrounding Strategy (formerly MicroStrategy) continue to ferment, with its preferred stock STRC falling to $91.79 on June 16, more than 8% below its $100 par value, which is seen as a signal of weakening corporate Bitcoin buying. Despite a net inflow of approximately $10.1 million into spot Bitcoin ETFs on June 16th, primarily driven by BlackRock's IBIT, the inflow was still significantly lower than previous periods, indicating limited buying momentum. Market research firms Bitfinex and QCP pointed out that the recent Bitcoin rebound is more of a "technical correction driven by exhaustion of selling pressure" rather than being driven by new demand. In the derivatives market, rising implied volatility and a shift in skewness towards put protection indicate that traders are pricing in tail risk. In terms of price structure, Bitcoin is considered to be oscillating between $60,000 and $68,000 in the short term. If the Federal Reserve releases hawkish signals or institutional buying weakens further, it may retreat to the $62,000–$63,000 range. Overall, the current market exhibits a combination of "macroeconomic waiting + marginal weakening of institutional buying + enhanced defensiveness in derivatives," and the short-term direction still depends on FOMC policy signals and the return of funds from ETFs and corporations.