The crypto market fell Thursday, with bitcoin losing 0.7% since midnight UTC to trade recently at $77,600.
The decline comes after the largest cryptocurrency hit its highest point since January on Wednesday before sellers stepped in just beneath the $80,000 level of resistance.
Oil prices rose by 1.5% to $103 per barrel overnight following reports that the U.S. had seized three Iranian tankers in Asian waters, leading to a drop in risk asset prices.
Ether (ETH) lost 2.5% and now trades at $2,320 having tested $2,500 over the weekend.
The broader market remains optimistic, with bitcoin appearing to have broken out of a two-month range to the upside. It had languished between $63,000 and $75,000 since early February.
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