Petrol prices are rising, bad news for Bitcoin.

Increase in Petrol Prices

WTI and Brent crude oil prices have risen by 12% this month. The increase in oil prices may make it difficult for the Federal Reserve to rapidly lower interest rates due to its impact on inflation.

Bitcoin Investors on Hold

Bitcoin bulls believe that markets could rise with the hope that interest rate cuts will occur soon. However, the impact of rising oil prices on inflation could negatively affect these expectations.