Bitcoin came under renewed selling pressure early Wednesday, briefly dropping below $84,000 as rising oil prices and a stronger dollar weighed on broader risk sentiment.

BTC declined about 1.5% to trade just above $84,200 during Asian hours. The move followed an increase in Iranian attacks on tankers in the Strait of Hormuz, which pushed oil higher and contributed to gains in Treasury yields and the U.S. dollar.

Among the largest cryptocurrencies, DOGE led the declines with a 5% drop to about 9 cents. HYPE fell nearly 4% to around $91, while ether slid 3.5% to roughly $2,610. XRP declined almost 3% to about $1.46. BNB, SOL, ZEC and TRX each lost between 1% and 2.5%, according to CoinDesk data.

Bitcoin had been trading near $86,600 on Tuesday, but a sharp sell-off early Wednesday pushed it down to approximately $83,840. The move took BTC below the $84,000 mark that FxPro had said would signal “a victory for the bears.”

Traders are also preparing for the Federal Reserve’s release of minutes from its September meeting later Wednesday. The Fed raised its benchmark interest rate by 25 basis points at that meeting. Recent weaker labor-market figures have lowered the likelihood of another rate increase this month, according to Dan Khus, chief analyst at LVRG Research.

“The market had already priced in that hike, so traders are now looking at whether the notes sound patient or still point to one more increase before the end of the year,” Khus said in an email to CoinDesk.

Brent crude rose nearly 1% to about $101.50 a barrel as Iran intensified its tanker attacks in recent days. The increase in oil prices helped set the tone for Asian markets, while the dollar strengthened against all Group-of-10 currencies. The 10-year Treasury yield also climbed three basis points to 5.31%.

Asian stocks declined despite record closes for the S&P 500 and Nasdaq 100 in the previous U.S. session. The MSCI Asia Pacific index fell 0.6%, with technology shares in South Korea and Hong Kong turning lower. U.S. stock futures also erased their earlier gains.

Bitcoin is now roughly $1,200 above the $83,000 level that FxPro considers the confirmation point for seller control. A break below $83,000 could expose BTC to a move toward $80,000, the firm said.