Bitcoin Price Slides to $62,700 ; Crypto Market Under Pressure

Bitcoin Price Slides to $62,700 ; Crypto Market Under Pressure

NEW DELHI, June 21: Bitcoin remained under pressure on Friday, trading near $62,700 after declining 2.21 percent over the previous 24 hours, as geopolitical uncertainty and concerns over US monetary policy weighed on investor sentiment across global cryptocurrency markets.

Ethereum also traded lower at around $1,700, reflecting broader weakness in digital assets. In India, Bitcoin was valued at approximately ₹59.27 lakh, while Ethereum was trading near ₹1.60 lakh.

Market analysts attributed the decline to uncertainty surrounding the proposed US-Iran peace process, fears of renewed tensions in West Asia, and the US Federal Reserve’s cautious stance on future interest rate cuts.

Most major cryptocurrencies followed Bitcoin’s downward trend, with BNB, Solana, XRP and Dogecoin registering losses as investors adopted a more defensive approach.

Experts said market volatility was intensified by the liquidation of leveraged positions, with nearly $330 million wiped out from long trades, accelerating the decline in prices.

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Investor focus also remains on signals from the Federal Reserve after policymakers indicated that future rate cuts may be more limited than previously anticipated. Higher interest rates tend to reduce demand for riskier assets such as cryptocurrencies by making traditional investments relatively more attractive.

Analysts further noted that upcoming public listings in the artificial intelligence sector could attract a portion of investor capital away from digital assets.

Despite the recent weakness, traders are closely monitoring key support and resistance levels. Bitcoin’s ability to maintain support between $62,200 and $62,800 and potentially recover toward the $64,700–$66,000 range is being viewed as crucial for determining the market’s near-term direction.

Market participants continue to advise caution and disciplined risk management amid ongoing volatility in the cryptocurrency sector.

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VoM News International Desk