Bitcoin is grinding sideways, and the analysts watching it largely agree on the problem: the sellers are running low, but the buyers have not come back.

The leading cryptocurrency changed hands around $64,700 on Monday, up by 0.8% on the day but down about 13% over the past month and almost 50% below the record of $126,080 set in October, per CoinGecko data.

Crypto proved “more resilient than anticipated” in the face of new Fed Chair Kevin Warsh's hawkish debut, CoinShares head of research James Butterfill said Friday, with Bitcoin dropping by a lower-than-expected 1.6% versus the S&P 500's 1.2% and the Nasdaq's 1.3%. While "not strong price action in absolute terms," the analyst conceded, it is "firmer than many would have expected" in the face of a hawkish Fed reset and a step back from policy signalling.

“Higher real-rate expectations are still a headwind for liquidity-sensitive assets, so the market’s initial hawkish interpretation made sense,” Butterfill noted, but pointed to a “more nuanced” broader setup, with persistent inflation, policy uncertainty and a more reactive Fed building out Bitcoin’s longer-term monetary case. “In other words, the short-term macro impulse is restrictive, but the structural case for Bitcoin as an alternative monetary asset is not going away,” he added.”

Bitcoin's muted reaction to Warsh's debut was telling, said Tim Sun, senior researcher at HashKey. The small drop reflects selling pressure that is "nearly exhausted, rather than a return of demand," he said, with the market still rebuilding its read on the Fed as Warsh steps back from forward guidance. For any rally to become a trend, Sun argued, two things must align: a return of risk appetite and "cooperation from long-end rates." He sees Bitcoin reverting to a macro liquidity asset trading framework, with ETF flows, oil prices, and long-end Treasury yields the variables to watch.

The price action looks less like a trend than a standoff, said Dean Chen, an analyst at Bitunix. ETF flows still point to distribution, he noted, with U.S. funds bleeding around $90.7 million on June 18 and roughly $4 billion over the past month. The weekly pace has since cooled to a few hundred million, per SoSoValue data, but Bitcoin has refused to break down, instead chopping in a range as the derivatives market deleverages.

Chen flagged a liquidation map tilted to the downside, with about $1.3 billion in long liquidations clustered near $61,900 against roughly $870 million in short liquidations near $64,800, and said the failure to fall into that zone points to "a stabilizing force absorbing volatility." With "smart money" positioned neutrally, he said, Bitcoin sits in a "range-driven redistribution phase."

The catalysts may be weeks away, said Stephen Wundke, strategy and revenue director at Algoz Technologies. He pointed to a U.S. Clarity Act vote targeted for July 4, warning that a miss could push the market-structure bill into the fourth quarter, and to U.S. inflation, which he expects to cool only two to three months after the Iran truce feeds through. ETF demand has flipped from more than $20 billion of inflows in 2025 to $3.2 billion of outflows in 2026, by his count, with Bitcoin down around 26% on the year and a basket of major tokens off nearly 50%. "This may well be a bottom," Wundke said, "but we might just be bouncing on it for a little while yet."



Beneath the price, some holders are digging in rather than heading for the exits. Over the past 90 days, Bitcoin was the top swap destination on Chainflip, with $239 million in volume, and holders are increasingly borrowing against their coins instead of selling them, said the protocol's marketing lead, Peter Smedas. The recurring theme among Bitcoin holders at the recent BTC Prague conference, he said, was that "they want liquidity against their BTC, not exits."

A nearer-term test looms Friday, when Wundke flagged a $10.9 billion Bitcoin options expiry that could jolt a market still hunting for direction. On prediction market Myriad, owned by Decrypt’s parent company Dastan, traders have skewed bearish on Bitcoin’s prospects, now putting the chance of a drop to $55,000 at 70%, up 5% on the previous week.

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