Bitcoin dropped below $25,700 on Tuesday, its lowest price in nearly a month.
WTI crude oil price hits $86.74, its most substantial level since November 2022.
Bitcoin Stays Below $26k
The cryptocurrency market remains largely unchanged over the last 24 hours, with prices still down from the highs recorded last week. Bitcoin, the world’s leading cryptocurrency by market cap, continues to trade below the $26k level, down by more than 6% in the last seven days.
The poor performance comes amidst some strong macroeconomic factors in the global market. The crude oil price has been rising in recent weeks and reached the $86.74 mark on Tuesday, its strongest level since November 2022.
The surge in crude oil prices came after Saudi Arabia and Russia revealed that they would extend oil production cuts for another three months until December.
Market analysts believe that the macroeconomic factors could see Bitcoin drop to its six-month low price of around $25k in the near term.
Investors would be eagerly awaiting the next official read on U.S. inflation on Sept. 13 as it could determine Bitcoin’s next direction.
The total cryptocurrency market cap remains at $1.04 trillion, unchanged from the last 24 hours.