Bitcoin falls ahead of debt ceiling vote, heads for its first losing month of the year

Bitcoin fell on Wednesday and was on track to post a down month as optimism around the debt ceiling rally fizzled.

on the tentative deal to raise the nation's debt ceiling and avoid a default on Wednesday.

"Avoiding a default is a relief, for sure, but the incoming wave of issuance will withdraw liquidity from the market and push yields up," said Noelle Acheson, economist and author of the "Crypto is Macro Now" newsletter. "In theory, this should be the equivalent of another rate hike at least – but the CME swaps market is

another rate hike in June on top of the liquidity impact, with expectations of a cut pushed out to November at the earliest," she added.with the White House to address the debt ceiling. On Monday bitcoin and ether climbed as high as $28,461.45 and $1,928.16, respectively, but began pulling back Tuesday.—CNBC's Gina Francolla contributed reporting

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