The price of Bitcoin reached an intraday high of $68,800 but failed to surpass the critical psychological level of $70,000 due to various economic and political uncertainties.
The potential victory of Donald Trump in 2024 could lead to greater cryptocurrency adoption, yet concerns about inflation and a strong dollar are putting downward pressure on Bitcoin prices.
High interest rates make lower-risk, yield-generating assets like Treasury bonds more attractive to investors, thus decreasing the demand for Bitcoin, which has no income generation.
The market is anticipating a small interest rate cut by November, which could influence investor confidence and potentially affect Bitcoin's performance.
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