Bitcoin steady at $64,000 as bear flag points to 15% drop risk
Bitcoin hovered close to $64,000 at the start of the week, underperforming a broader rally in Asian equities as diplomatic progress between the United States and Iran buoyed traditional risk assets.
22nd June 2026 – (New York) Bitcoin hovered close to $64,000 at the start of the week, underperforming a broader rally in Asian equities as diplomatic progress between the United States and Iran buoyed traditional risk assets. The world’s largest cryptocurrency traded at about $63,996 on Monday, down 0. 4 per cent over 24 hours and 2. 2 per cent lower for the week, according to CoinDesk data. While an MSCI index of Asian shares advanced 0. 6 per cent amid renewed optimism around artificial intelligence stocks, US equity futures were softer, with S&P 500 contracts slipping 0. 5 per cent. The macroeconomic backdrop appeared to improve after Washington and Tehran agreed on a 60‑day roadmap aimed at securing a comprehensive peace accord. Brent crude fell 1. 7 per cent to around $79 a barrel following the announcement. Mediators Qatar and Pakistan said tangible progress had been made, including plans for further technical negotiations and measures to safeguard commercial shipping through the Strait of Hormuz. However, the talks experienced early turbulence after Iran briefly paused discussions in response to renewed US threats of military action before both sides agreed to maintain communication channels. Despite often moving in tandem with risk assets, bitcoin failed to join the equity rebound and instead remained range‑bound below levels seen at the beginning of June. Across the wider crypto market, performance was mixed. Solana rose 3. 7 per cent over the week to $74, while tron gained 2. 2 per cent. Ether traded broadly unchanged at $1,733. Losses were more pronounced elsewhere: BNB declined 4. 2 per cent, XRP dropped 4. 3 per cent to $1. 13, and dogecoin slid 6. 5 per cent, making it the weakest among major tokens. Hyperliquid’s HYPE token fell 5 per cent on the day, trimming its weekly advance to 1. 9 per cent. Technical analysts are warning of potential downside risks. A pseudonymous trader known as Doctor Profit, who previously projected bitcoin’s October peak at $126,000, said the cryptocurrency is forming a “bear flag” pattern on daily charts. The formation, typically characterised by a sharp decline followed by a modest rebound before further weakness, could signal a move towards the $54,000–$56,000 range, with a broader bottom potentially forming between $40,000 and $50,000. In this case, the drop from May’s high of $82,000 to below $60,000 by 5th June represents the “flagpole”, while the recovery towards $68,000 forms the “flag”. A decisive break lower could imply further losses of a magnitude similar to the initial slide. Options market positioning appears to reflect similar caution. Traders last week increased purchases of put options, indicating expectations of a near‑term fall towards $52,000.