Bitcoin fell below $121,500 on Thursday, breaching the 200-hour simple moving average, as the U.S. dollar strengthened ahead of Federal Reserve Chair Jerome Powell's upcoming speech. The dollar index reached 99.10, marking its highest level since August 1. This downturn in Bitcoin also impacted the broader crypto market, with major tokens like BNB and ETH declining over 3% and the CoinDesk 20 Index dropping 1% to 4,155 points.
The decline in cryptocurrency prices occurred despite a $426 million inflow into U.S.-listed spot ETFs on Wednesday, continuing a weekly trend. The Federal Reserve's September meeting minutes revealed concerns about a potential U.S. government shutdown and inflation risks, with policymakers divided on the pace of future rate cuts.
Bitcoin Dips Below $121,500 as Dollar Strengthens and Fed Uncertainty Looms
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