Bitcoin fell below $81,000 as oil prices kept climbing and the Federal Reserve struck a hawkish tone, with the pullback extending across other assets as well.
According to Bitcoin Magazine, bitcoin traded at $81,203 after falling to nearly $80,922 at one point on Thursday morning in New York. The asset has lost nearly 3% over the past day and 4% over the past seven days.
From a run toward $90,000 to a weaker October start
Just last week, bitcoin appeared to be closing in on $90,000 after what the report described as a phenomenal September rally and one of its best quarters in years. The article said the usual "Uptober" pattern, a month that often brings solid returns for bitcoin investors, is off to a slow start as oil surges.
Brent crude rises after renewed attacks in the Strait of Hormuz
The report said Brent crude has jumped this week following renewed attacks on tankers in the Strait of Hormuz. U.S. President Trump also hinted that talks with Iran were not going the way he wanted.
Bitcoin Magazine linked the rise in oil to pressure on bitcoin and other risk-on assets in the short term, saying higher energy prices increase the chances that the U.S. central bank will raise interest rates again. The article added that bitcoin has historically performed well in lower-rate environments because liquidity is higher.
Waller says more rate hikes will likely be needed
In a Thursday speech, Federal Reserve Governor Christopher Waller said further interest-rate hikes will likely be needed to slow inflation. He also said there was "flexibility" in the pace of those increases.
The article added that oil prices have risen since the U.S. and Israel attacked Iran in February, after which Iran closed the Strait of Hormuz in retaliation. Higher oil prices, the report said, have kept prices elevated and rising around the world, including in the United States.
Bitcoin had brushed off Fed comments in September
Despite the latest decline, the report noted that bitcoin in September appeared to shrug off comments from new Federal Reserve Chair Kevin Warsh and rose even as the central bank increased interest rates.
Bitcoin Magazine also wrote that, despite the recent dip, some analysts believe bitcoin has entered a bull market again. The largest cryptocurrency spent most of 2026 in a bear market after reaching record highs in October 2025. It is currently more than 30% below its all-time high of $126,080, according to the report.
This article first appeared on Bitcoin Magazine and was written by Mathew Di Salvo.