Bitcoin once fell below the level previously identified by analysts as indicating a seller's dominance. With both oil prices and the US dollar rising, the Bitcoin and cryptocurrency markets are under pressure.

Due to Iran's escalated attacks on oil tankers, which pushed up oil prices, the yield of U.S. Treasury bonds and the value of the dollar also increased. Bitcoin fell by about 1.5%, to just over $84,200.

Among the major cryptocurrencies, Dogecoin led the decline with a drop of 5%; Ethereum fell by 3.5%, and XRP fell by nearly 3%.

FxPro indicates that if Bitcoin continues to fall below $83,000, it could quickly drop to $80,000. Traders are awaiting the minutes of the Federal Reserve's September meeting.

As of Wednesday's Asian morning session, Bitcoin fell by about 1.5% to just over $84,200. Previously, Iran had recently intensified its attacks on oil tankers in the Strait of Hormuz, driving up oil prices and causing yields on U.S. Treasury bonds and the dollar to rise as well.

According to CoinDesk data, DOGE led the decline among major cryptocurrencies, falling by 5% to around $0.09. HYPE fell by nearly 4% to around $91; Ethereum fell by 3.5% to around $2,610. XRP fell by nearly 3% to around $1.46; BNB, SOL, ZEC, and TRX each fell by 1% to 2.5%.

Bitcoin traded near $86,600 on Tuesday, but tumbled sharply in the early hours of Wednesday, falling to a low of around $83,840, below the $84,000 level mentioned by FxPro on Tuesday. At that time, FxPro stated that this level would signify a "win for the bears."

The minutes of the Federal Reserve's September meeting will be released later on Wednesday. LVRG Research Chief Analyst Dan Khus stated in an email sent to CoinDesk that weak employment data makes it "even less likely" to see another interest rate hike this month, following the quarter-point increase in September.

He added, "The market had already absorbed that interest rate hike earlier on, so what traders are now focusing on is whether the wording in the minutes appears more patient, or whether it still implies that there will be another hike before the end of this year."

During the Asian trading session, oil prices became the main focus of the market. Brent crude oil rose by nearly 1%, to around $101.50 per barrel, due to Iran's accelerated attacks on oil tankers in recent days. The US dollar strengthened against all other G10 currencies, and the yield on 10-year US Treasury bonds increased by 3 basis points to 5.31%.

Currently, Bitcoin is trading about $1,200 above the $83,000 low point that FxPro mentioned as a level where sellers are in control of the market. The institution believes that once this level is broken, prices could quickly fall to $80,000.