Bitcoin drops 2.2% as Ukraine, Iran strikes send oil toward one-month high
Bitcoin price action stayed rangebound after failing to sustain above $84,000 into the Wall Street open on rising oil prices.
Bitcoin's price fell 2.2% on Monday as conflicts in Ukraine and Iran pushed oil prices toward a one-month high. BTC/USD, which had reached $84,254 on Bitstamp, dropped to a low of $82,000. Ukraine President Volodymyr Zelenskyy criticized Russia for targeting energy infrastructure despite a US-imposed moratorium. Iran reported an oil tanker had been destroyed in the Strait of Hormuz, causing WTI crude to spike past $94 per barrel and Brent crude to reach $107.25.
Rising oil prices, already causing market uncertainty ahead of US inflation data releases, are contributing to Bitcoin's decline. Analysts suggest the market might still be susceptible to a breakout above $87k, where $94k would become more achievable.
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