The bitcoin price has fallen in the face of dimming rate-cut optimism, a strengthening U.S. Dollar Index and geopolitical tensions. The conspiracy of headwinds has seen the largest digital asset by market cap decrease by over 3% in the past 24 hours, now changing hands for $61,471 at 5:11 a.m. ET, according to The Block's Price Page. 

Bitcoin's price fall began after comments from U.S. Federal Reserve chair Jerome Powell that interest rates will likely remain higher for longer. On Tuesday, Powell commented in a Washington forum that the U.S. central bank probably will not reach its 2% inflation goal anytime soon. According to Reuters, he said: "Right now, given the strength of the labor market and progress on inflation so far, it's appropriate to allow restrictive …