Bitcoin Hits 30-Day High as AI Boom and Fed Rate Decisions Loom

Bitcoin has hit a 30-day high of over $65,000, but its next move remains uncertain. The cryptocurrency's price has increased by 11% since July 1, and it currently sits just under $66,000 per unit.

The AI boom is drawing significant capital away from Bitcoin, with the top 10 positions in the S&P 500 directly exposed to artificial intelligence (AI). During the same period that Bitcoin's price has fallen 47%, the tech-heavy Invesco QQQ Trust rose by 16%.

Additionally, the Federal Reserve's decision to keep interest rates higher than expected is a headwind for Bitcoin. The CME Group's FedWatch tool reveals a more than 90% probability that the fed funds rate will be higher in December than it is today.