Bitcoin prices continue to fall, and as oil prices continue to rise and the Federal Reserve issues hawkish statements, other assets also weaken.

This leading asset recently reported a price of $81,203, and on Thursday during the early trading session in New York, it fell to nearly $80,922.

In the past 24 hours, the price of Bitcoin has fallen by nearly 3%; over the past 7 days, it has dropped by 4%.

Just last week, this token seemed to be on its way to approach the $90,000 mark. A strong rally in September, along with one of the best quarters in many years, once filled the market with optimism.

However, the so-called “Uptober” – a month that usually brings good returns to Bitcoin investors in October – has started slowly against the backdrop of soaring oil prices.

This week, the price of Brent crude oil soared after a new round of attacks on tankers in the Strait of Hormuz. U.S. President Donald Trump also hinted that negotiations with Iran have not progressed in the direction he hoped for.

The rise in oil prices this year has at least in the short term depressed the prices of Bitcoin and other "risk appetite" assets, as it has increased the likelihood of interest rate hikes by the Federal Reserve. In the past, Bitcoin performed better in an environment of low interest rates due to greater liquidity.

Federal Reserve Board member Christopher Waller also stated in a speech on Thursday that further interest rate hikes may be needed to curb inflation. However, he added that the pace of rate hikes is "flexible."

Since the attacks by the United States and Israel on Iran in February of this year, oil prices have risen, and Iran subsequently retaliated by closing the Strait of Hormuz. Higher oil prices mean that prices around the world, including within the United States, will remain stubbornly high and continue to rise.

However, in September, the price of Bitcoin seemed to ignore the comments of the new Federal Reserve Chairman, Kevin Warsh, and continued to rise despite central banks raising interest rates.

Despite the decline in Bitcoin prices, some analysts believe that the token has re-entered a bull market. After hitting a historical high in October 2025, the largest cryptocurrency by market value has been in a bear market for most of 2026. Its current price is still more than 30% below the record high of $126,080.