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Bitcoin Tests Key Support Amid Oil and AI Fears
Bitcoin continues to hover around $82,000 despite expectations for a strong performance in October. The cryptocurrency is under pressure from macroeconomic factors, including high oil prices and rising interest rates. Oil prices near $108 a barrel due to attacks on tankers and Russian facilities, raising fuel and freight costs. This has pushed the Federal Reserve to consider a quarter-point interest rate hike, currently at 5.08% for the 10-year Treasury and 4.72% for the 2-year Treasury. The AI sector, which heavily relies on debt for data center investments, has also seen significant declines, with companies like AMD and Micron experiencing losses of over 6% on Friday. Bitcoin's performance is influenced by the risk basket, including AI-related stocks and debt-heavy sectors like CoreWeave.