Bitcoin price retreated by 2.2% following a failure to maintain levels above $84,000 as markets opened on Wall Street. Prior to the decline, the asset reached a high of $84,254 on Bitstamp. Market data indicates that ask liquidity is concentrated near $84,500 with a total volume of $180 million, while bids are forming around the $82,000 mark.
The market reaction coincides with rising oil prices, as WTI crude surpassed $94 per barrel and Brent crude hit $107.25, marking its highest point since September 16. These fluctuations follow reports of energy infrastructure strikes in Ukraine and an incident involving an oil tanker in the Strait of Hormuz. Analysts note that Persian Gulf oil volumes currently stand at 13 million barrels per day.
Investors are preparing for upcoming US economic data, with the Consumer Price Index and Producer Price Index scheduled for release on Wednesday and Thursday. QCP Capital reports that Bitcoin options markets show a mix of defensive positioning and expectations for a potential upside breakout. Meanwhile, analyst Rekt Capital identified $83,400 as a key level of local resistance.
