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Bitcoin’s recent rally lost momentum as the world’s largest cryptocurrency pulled back from fresh highs, amid growing caution over the implications of a protracted U.S. government shutdown.

A Surge—and a Pullback
Earlier in the week, Bitcoin surged past $126,000, touching new all-time highs as investors poured into it on hopes of a weakening U.S. dollar and increased demand for “debasement trades” — bets that fiat currencies might lose value amid fiscal instability.
However, by Wednesday, the price had retreated to around $122,784, down about 1.7 % from its recent peak. Investing.com+1 The drop is broadly seen as a result of profit-taking, shifting risk sentiment, and a strengthening U.S. dollar.
What’s Driving the Moves
1. Profit-taking & Speculative Unwinding
Once an asset rallies strongly, some participants often book gains, triggering short-term sell pressure. The recent run attracted many speculative trades betting on continued upside, which now are being unwound. Investing.com+1
2. U.S. Dollar Strength & Macro Risks
Amid the U.S. shutdown, key economic data releases have been delayed, creating uncertainty about growth, monetary policy, and fiscal health. A stronger dollar erodes some of the appeal of alternative assets like Bitcoin. Investing.com+2Investing.com+2
3. Federal Reserve & Policy Uncertainty

Traders are watching for clues from upcoming releases of Fed meeting minutes and comments from central bankers. With the shutdown complicating the data picture, the timing and scale of potential rate cuts remain in question. Investing.com+1

4. Institutional Flows & ETFs

Part of Bitcoin’s recent rally was fueled by inflows into U.S.-listed spot Bitcoin ETFs. Investing.com+3MarketWatch+3The Economic Times+3 But those flows may slow or reverse if sentiment shifts or macro risks intensify.
Broader Market Response & Altcoins

The pullback in Bitcoin also dragged many altcoins downward. Ethereum, for example, dropped sharply (≈ 5.7 %) in the same timeframe, while tokens like XRP, Solana, and Cardano also saw significant declines. Investing.com+1

In the equities space, U.S. stock indices also gave back gains as investors grappled with missing economic data and policy uncertainty caused by the shutdown. Reuters

What to Watch Ahead
Fed signals & economic data: Any clarity on rate cuts or growth trends could swing sentiment sharply.
Duration of the U.S. shutdown: The longer it drags on, the more stress on markets.
ETF flow reversals: Outflows might exacerbate downward pressure.Technical supports: Bitcoin’s near-term support zones could be tested as traders look for stabilization.#BTCBreaksATH #bitcoin #BombieBinanceTGE @BTC