Bitcoin Plunges Below $80,000 as Oil Prices Surge and US Interest Rates Rise

Bitcoin's price has been under pressure for four consecutive trading days, falling below $80,000. The drop is attributed to surging oil prices from the Middle East and concerns over a rise in U.S. interest rates, which are putting pressure on global risky assets.

The price of Bitcoin has fluctuated between $60,000 and $80,000 since February this year after hitting an all-time high of about $126,000 in October last year. Despite attempts to settle above $80,000, the cryptocurrency's attempts have failed multiple times, creating a strong resistance line around that price level.

The recent weakness in Bitcoin is also due to the growing concern over the U.S. Federal Reserve's interest rate hike and the outflow of funds from the U.S. Spot Bitcoin Exchange Traded Fund (ETF), which led to the recent price rebound.