Bitcoin Price Nears $103K Amid U.S. Shutdown and Stronger Dollar Pressure

Bitcoin (BTC) is edging toward its lowest level since June 24, trading close to $103,000 after falling nearly 20% from its October 6 all-time high of $126,500. The leading cryptocurrency last dipped below the $100,000 mark in late June, a period marked by escalating geopolitical tensions between Iran and the United States.

The current downturn comes as the U.S. government shutdown enters its 35th day, tying the record for the longest in American history set during 2018–2019. According to prediction market Polymarket, the political stalemate may extend beyond November 16, further dampening investor sentiment and weighing on risk assets like Bitcoin.

Adding to market headwinds, the U.S. Dollar Index (DXY)—which measures the greenback’s performance against major global currencies—has climbed above 100 for the first time since August 1. A stronger dollar typically exerts downward pressure on cryptocurrencies and equities as investors seek safety in more stable assets.

Tech stocks are also showing signs of strain, with futures pointing lower and the Invesco QQQ Trust (QQQ) dropping around 1.5% in pre-market trading. The broader decline in risk assets reflects mounting uncertainty across global markets as traders weigh the impact of the prolonged U.S. shutdown, a firming dollar, and slowing growth in the technology sector.

Despite the correction, Bitcoin remains a focal point for investors navigating turbulent macroeconomic conditions. Traders continue to monitor U.S. fiscal negotiations and dollar trends closely, as both could dictate whether BTC stabilizes or slides further below the $100,000 threshold.