Bitcoin dipped below a critical level as oil prices surged following Iranian strikes on tankers. The dollar also appreciated.
By Shaurya MalwaOct 7, 2026, 12:00 a.m. EDT2 min readMake preferred on ShareShare this articleCopy linkX (Twitter)LinkedInFacebookEmailMake preferred on Bitcoin falls below $84,000 amid rising oil prices from Iranian attacks. (Gerhard Traschütz/Pixabay)SummaryShow- Bitcoin's value slipped approximately 1.5%, settling just above $84,200 as escalating Iranian attacks on tankers drove up oil prices, Treasury yields, and the dollar.
- Among major cryptocurrencies, Dogecoin experienced the largest drop, falling by 5%, while ether decreased by 3.5% and XRP by nearly 3%.
- If Bitcoin maintains a position below $83,000, analysts believe it could quickly drop to $80,000, particularly as traders await details from the Federal Reserve's September meeting.
As of early Wednesday in Asia, Bitcoin saw a decline of around 1.5%, hovering just above $84,200, as oil prices surged due to intensified Iranian attacks on tankers in the Strait of Hormuz, which also elevated Treasury yields and the dollar's value.
Dogecoin led the declines among major cryptocurrencies, falling 5% to approximately 9 cents. HYPE dropped nearly 4% to about $91, with ether losing 3.5% to roughly $2,610. XRP decreased nearly 3% to about $1.46, while BNB, SOL, ZEC, and TRX experienced losses ranging from 1% to 2.5%, according to data from CoinDesk.
Bitcoin had been trading near $86,600 on Tuesday before experiencing a sharp decline early Wednesday, dipping to around $83,840 — below the $84,000 threshold that FxPro indicated would signify "a victory for the bears."
Later on Wednesday, the Federal Reserve will release the minutes from its September meeting, during which it raised interest rates by a quarter point. According to Dan Khus, chief analyst at LVRG Research, weaker job data has made "another rate increase this month look less likely after September's quarter-point hike," in an email to CoinDesk.
"The market had already factored in that hike, so traders are now assessing whether the notes convey a sense of patience or hint at one more rate increase before the year's end," he added.
In Asia, oil prices influenced market trends, with Brent crude increasing nearly 1% to about $101.50 per barrel following intensified Iranian attacks on tankers in recent days. The dollar strengthened against all other Group-of-10 currencies, while the yield on 10-year Treasury bonds rose by three basis points to 5.31%.
Despite record highs for the S&P 500 and Nasdaq 100 on Wall Street, Asian stocks fell. MSCI's Asia Pacific index decreased by 0.6%, as technology stocks in South Korea and Hong Kong declined, while U.S. stock futures reversed earlier gains.
Currently, Bitcoin is trading about $1,200 above the $83,000 threshold that FxPro identified as the level confirming seller dominance — with the firm suggesting that a breach of this support could pave the way for a swift decline towards $80,000.
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