Bitcoin Falls 2.2% as Ukraine, Iran Tensions Push Oil Higher

Bitcoin (BTC) fell as much as 2.2% Monday after failing to hold above $84,000, as rising oil prices and renewed geopolitical tensions pressured risk assets during the U.S. trading session.

BTC reached $84,254 before retreating toward the $82,000 area. The move followed concerns over continued attacks on energy infrastructure in the Russia-Ukraine conflict and an oil tanker fire reported in the Strait of Hormuz.

Oil prices rose sharply. West Texas Intermediate crude moved above $94 per barrel, while Brent crude reached $107.25, its highest level since Sept. 16. Higher energy prices are adding pressure to markets ahead of key U.S. inflation data.

The Consumer Price Index is due Wednesday, followed by the Producer Price Index on Thursday. Both releases could influence expectations for inflation and interest rates, which remain important drivers of crypto-market sentiment.