The original author: Mary Liu, BitpushNews

The minutes of the FOMC meeting on June 11-12 showed that policymakers were unanimous on the issue of price stability, but there was no consensus among Fed officials on how many months of good inflation data would be needed to start cutting interest rates. Some officials believe in maintaining patience before taking action, while others indicated that raising interest rates is still under discussion.

Data from Bitpush shows that Bitcoin lost its support at $62,000 in the early hours of Wednesday, reaching a low of $59,515, but was pushed back above $60,000 by bullish forces. However, bearish pressure continued to push it down, with the BTC trading price at $59,691 at the time of writing, with a drop of over 3.5% in 24 hours.

As Bitcoin fell below $60,000, the downward trend of altcoins intensified. Among the top 200 tokens on Wednesday, all but five experienced declines. Blast (BLAST) suffered the most, dropping by 20.3%, followed by Ethereum Name Service (ENS) and dogwifhat (WIF), which fell by 16.2% and 15.8% respectively.

BinaryX (BNX) led the gains with an increase of 9%, Worldcoin (WLD) rose by 3.5%, and aelf (ELF) rose by 1.6%.

The current total market capitalization of cryptocurrencies is $2.21 trillion, with Bitcoin's market share at 53.4%.

US stocks continued to rise, with the S&P 500 index and the Nasdaq 500 index rising by 0.51% and 0.88% respectively at the close of the day, marking a second consecutive day of closing at historic highs, while the Dow Jones index fell by 0.06%.

"Need 'More Evidence'," Fed Officials Suggest No Rush to Cut Interest Rates

Regarding the outlook for monetary policy, the latest minutes indicated: Participants noted that progress in reducing inflation this year has been slower than expected in December. They emphasized that unless more information emerges to give them greater confidence that inflation is on track to sustainably develop toward the 2% target, it would be inappropriate to lower the target range for the federal funds rate.

The minutes also stated, "Some participants noted that if inflation were to remain high or to move up further, the target range for the federal funds rate might need to be raised," while "some participants indicated that monetary policy should be prepared to respond to unexpected economic weakness at any time."

Nick Timiraos, the "Fed megaphone," wrote that due to the rise in inflation, which has left Fed officials lacking confidence in cutting interest rates, some policymakers at last month's meeting called for close attention to signs of labor market weakness that may be developing faster than expected, along with recent public remarks by Fed officials, the minutes suggest that they are unlikely to cut interest rates at their meeting later this month.

In a report, institutional analyst Cameron Crise stated that the June FOMC minutes indicate that the committee is moving toward a more accommodative policy but has not yet "overcome difficulties" to make a decision.

"Normal FUD Cycle"

As BTC once again retested the lower end of the volatility range since the end of February, some analysts warned that as momentum seems to be shifting to the bearish side, Bitcoin could fall to the $40,000 range. However, most analysts believe that these concerns are exaggerated and only exacerbate the normal FUD cycle.

Market analyst HornHairs on X platform stated, "If the BTC price remains below $56,000 for an extended period and rebounds significantly above $60,000, then I would feel safe to go long again."

Market analyst Rekt Capital stated that the Monday breakthrough "was delayed as it failed to retest the June downtrend as new support," and he posted the following chart, stating, "Nevertheless, this is still a trendline worth watching for a potential shift in trend."

Benjamin Cowen mentioned some macro factors, stating on his podcast that based on the historical correlation between Bitcoin and the 10-year bond yield (US10Y), Bitcoin may decline.

Cowen said, "Typically, one of the reasons you might see Bitcoin fall is because the long-term yield curve is starting to rise… But if you look at the 10-year yield, you'll notice that when the 10-year yield really spikes, from July 2023 to October, that's when Bitcoin falls. So, if the 10-year bond yield starts to spike again in October, that might correspond to some seasonal weakness in Bitcoin."

Market analyst Moustache stated that he believes Bitcoin has bottomed out and is just retesting the recent downtrend line before continuing to rise.

Data platform Santiment emphasized that despite retail traders selling tokens in the face of FUD-induced weakness, whales are more optimistic than ever, with over 10 whale wallets now accumulating 16.17 million BTC, reaching a historical high. Santiment stated on X platform, "We see an increase in purchasing power from Tether and USD Coin holders, which will truly open the floodgates for the crypto bull market."

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