Bitcoin fell on Thursday after surrendering most of its overnight rebound, as a broad sell-off in technology stocks and rising oil prices dampened risk appetite across global markets.
The world’s largest cryptocurrency was trading at $81,912.3 as of 9:04 GMT, having climbed to nearly $85,000 overnight before reversing course.
Bitcoin remained within the narrow trading range established over the past month, with its third-quarter rally losing momentum in October amid mounting concerns over interest rates, inflation and the sustainability of artificial intelligence investments.
Technology sell-off hits crypto sentiment
The overnight rebound in Bitcoin, supported in part by continued inflows into spot exchange-traded funds (ETFs), proved short-lived as investors increasingly moved away from risk-sensitive assets.
Global technology stocks came under renewed pressure following mixed earnings from major U.S. technology companies, triggering sharp losses across Asian and European markets.
Concerns over the long-term returns on massive AI investments, alongside expectations of higher interest rates, further weighed on investor sentiment.
Cryptocurrencies have tended to move in tandem with technology shares, leaving the sector vulnerable to broader shifts in risk appetite. Higher borrowing costs can also reduce demand for speculative investments, adding to pressure on digital assets.
Read: Bitcoin falls 2.83 percent to $80,926 as Ethereum drops 5.52 percent on Fed hike fears
Rising oil prices add to inflation concerns
A sustained increase in oil prices provided another source of uncertainty for financial markets. Crude prices reached a five-month high earlier this week amid continued tensions in the Middle East and reports suggesting that renewed U.S. and Israeli hostilities against Iran could be imminent.
Higher energy prices have intensified concerns that inflation could remain elevated, potentially forcing central banks to maintain interest rates at higher levels for longer.
The prospect of tighter monetary conditions has weighed on risk-driven assets, including cryptocurrencies, as investors reassess their exposure to volatile investments.
Other major cryptocurrencies also struggled to sustain their overnight gains, with most digital assets trading flat to lower on Thursday.
Ether, the world’s second-largest cryptocurrency, fell 0.3 percent to $2,432.48, while BNB declined 0.7 percent. XRP outperformed the broader market, gaining 0.6 percent. Solana dropped 1.3 percent, while Cardano fell 2.5 percent.
Among memecoins, Dogecoin declined 2.3 percent and $TRUMP slipped 0.8 percent, reflecting the broader weakness across risk-sensitive digital assets.
With Bitcoin still confined to its recent trading range, market sentiment remains vulnerable to developments in technology stocks, oil prices and expectations for the global interest-rate outlook.
