Cryptocurrency market maker Wintermute has issued a stark warning that Bitcoin could break below its current trading range and lose the critical $59,000 support level. According to a report shared on June 24, 2026, the firm attributes the bearish outlook to a confluence of macroeconomic pressures, geopolitical tensions, and rapidly declining market liquidity.
The analysis identifies three dominant headwinds: the U.S. Federal Reserve's persistently hawkish monetary policy, the ongoing conflict involving Iran, and a significant liquidity drain from the crypto market. While options markets still price in relatively low short-term volatility, Wintermute cautions that underlying conditions are weakening. In particular, stalled inflows into spot Bitcoin exchange-traded funds (ETFs) have removed a vital source of buying pressure that had previously cushioned prices.
This week presents several pivotal triggers that may decide whether Bitcoin holds its range or slides further. Wintermute flags the status of U.S.–Iran peace negotiations, the June 25 release of the Personal Consumption Expenditures (PCE) inflation data, and the month-end options expiry as critical events. Each has the potential to sway risk sentiment and spark a breakout from the current trading stalemate.
The firm's note follows an earlier assessment suggesting selling pressure had eased, but that range‑bound trading would persist unless fund inflows improved. Now, with liquidity thinning and key support under threat, traders are being urged to monitor these macro catalysts closely for a signal on Bitcoin's next major move.
