Bitcoin Slides as Oil Surge Pressures Crypto Markets

Bitcoin came under renewed selling pressure on Wednesday, falling about 1.5% to just above $84,200 during Asian trading hours as a jump in oil prices added to broader market concerns.

The latest decline pushed Bitcoin down from around $86,600 on Tuesday to an overnight low near $83,840. The move brought the cryptocurrency close to a key technical level that could determine whether sellers gain further control.

FxPro had previously identified $84,000 as an important support area, while a break below $83,000 could provide stronger confirmation that bearish momentum is taking over. The firm warned that such a move could open the way toward $80,000.

Other major cryptocurrencies also moved lower. Dogecoin suffered the steepest decline among large-cap tokens, falling roughly 5% to around $0.09. Hyperliquid dropped almost 4% to about $91, while Ether declined 3.5% to approximately $2,610.

XRP lost nearly 3% to trade around $1.46. BNB, Solana, Zcash and TRON also fell, with losses ranging between 1% and 2.5%.

The broader market weakness came as oil prices moved higher following increased attacks on tankers in the Strait of Hormuz. Brent crude gained almost 1% to roughly $101.50 a barrel, adding to inflation concerns and putting pressure on risk-sensitive assets.

Financial markets also reacted to rising yields and a stronger U.S. dollar. The 10-year Treasury yield climbed three basis points to 5.31%, while the dollar strengthened against all Group-of-10 currencies.

Investors are also awaiting the release of minutes from the Federal Reserve's September meeting, when the central bank raised interest rates by 25 basis points. Recent weaker employment data has reduced expectations for another increase, but traders will be watching the minutes for clues about whether policymakers remain open to another hike before the end of the year.

Asian equities weakened as well, despite record closes for the S&P 500 and Nasdaq 100 in the previous U.S. session. MSCI's Asia Pacific index declined 0.6% as technology stocks in South Korea and Hong Kong turned lower.

For Bitcoin, the focus is now firmly on the $83,000-$84,000 region. Holding above the zone could give buyers room to recover, but a decisive break below $83,000 would strengthen the bearish case and potentially expose BTC to a move toward $80,000.