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Bitcoin has been pulling back for a few days and remains stuck below 81k. I've been monitoring this cryptocurrency decline for a while now, and honestly, it's starting to weigh on the entire market. Risk assets are taking a hit right now.
What interests me most is the correlation with rising oil prices. When oil climbs, investors become more cautious, and that's when the crypto decline accelerates. It's not new, but it's really starting to show up in the volumes.
Bitcoin is oscillating around 80.8k at the moment. Clearly, this crypto decline isn't over if oil continues to rise. We'll see if we test lower support levels or if it stabilizes here. Many traders are waiting to see how it plays out before entering.