Bitcoin remained around the $78,000 level on Thursday morning in Asia, losing about 1% over the previous 24 hours as most major cryptocurrencies extended their declines.

Dogecoin bore the brunt of the selling, falling more than 5%. BNB declined roughly 4%, while XRP shed about 3%. Ether, Solana and Hyperliquid’s HYPE also weakened, with each token losing between 1% and 3%. Ether traded just below $2,475 and Solana hovered around $102. Tron moved against the broader trend, gaining less than 1% to approximately 34 cents, CoinDesk data showed.

Bitcoin’s technical indicators meanwhile flashed a potentially bullish signal on Tuesday, when its 50-day moving average moved above its 200-day average, producing a golden cross.

FxPro analysts cautioned that similar crossovers in October 2024 and May 2025 failed to deliver meaningful results. They argued that the current setup could be different because it follows an extended bull market rather than occurring during a correction.

The analysts instead drew a comparison with 2019, when Bitcoin advanced 90% in less than two months after a comparable signal.

Rising oil prices add to rate concerns

The crypto pullback came as rising energy prices increased pressure on global markets. Brent crude climbed to nearly $102 a barrel during Asian trading after Iran said it was ready for a more intense war.

The jump in oil prices is adding to interest-rate concerns because higher energy costs can contribute to inflation and influence expectations for monetary policy.

The 10-year U.S. Treasury yield remained close to 4.85%, a level not seen since late 2023. Bond investors were disappointed by the U.S. government’s announcement that it would purchase up to $6 billion in longer-dated Treasurys, with some investors expecting a larger amount.

Equity markets across Asia also followed Wall Street lower. The MSCI Asia Pacific Index declined nearly 1%, while benchmarks in Japan, South Korea, Taiwan and Australia all moved down.

The S&P 500 finished Wednesday roughly 1% lower, while the Nasdaq 100 posted a smaller decline. U.S. and European futures later moved modestly higher.

Dollar loses some oil-driven support

The dollar index remained in the 98 range, although earlier gains faded during the session. The greenback has also stopped benefiting as strongly from the surge in oil prices that had supported it earlier in the conflict.

The yen was among the currencies drawing attention, returning to the 150-per-dollar zone after Treasury Secretary Scott Bessent issued a warning.

The Canadian dollar also strengthened, pushing the U.S. dollar below 1.38 after retaliatory tariffs came into force and Washington barred some Canadian imports.

Traders are now awaiting Friday’s U.S. CPI report. A hotter-than-expected inflation reading could revive expectations for a Federal Reserve rate hike, potentially increasing pressure on cryptocurrencies and other risk assets that came under selling pressure Thursday.