Bitcoin has been making headlines with its recent price rally. Despite the release of hot PCE (Personal Consumption Expenditures) data and growing speculations of an upcoming rate hike, Bitcoin has managed to approach the $27,000 mark during the previous months. However, it has faced resistance below the $26400 level, primarily influenced by concerns over the debt ceiling.
I don't think it is exactly debt ceiling.
Interest rates are a much more important factor.
The fed just announced yesterday that interest rates will remain high as they are still trying to bring inflation down.
https://www.theguardian.com/business/2023/sep/20/fed-interest-rate-inflationWith high interest rates, money will naturally flow to more conservative assets..