Bitcoin retreats from one-month high as oil tops $85, inflation concerns resurface

MarketsBitcoin retreats from one-month high as oil tops $85, inflation concerns resurfaceBTC retreated from a one-month high as WTI crude topped $85 for the first time since June, reigniting inflation concerns and pushing investors toward gold, silver and the safety of bitcoin over altcoins.By Oliver Knight, Omkar Godbole|Edited by Sheldon Reback Jul 22, 2026, 10:33 a.m. 4 min readMake preferred on ShareShare this articleCopy linkX iconX (Twitter)LinkedInFacebookEmailMake preferred on SummaryShowBitcoin fell below $66,000 after reaching its highest level in over a month on Tuesday as surging oil prices reignited inflation concerns.The risk-off rotation played out inside crypto too, with bitcoin's dominance climbing to 59% as capital retreated from altcoins and stablecoins.Midnight (NIGHT) surged 19% after Charles Hoskinson praised the project on X, while ether.fi, ethena and ondo extended rallied as tokenized real-world assets drew interest despite the cautious macro backdrop.The crypto market edged lower on Wednesday, with bitcoin BTC$66,011.27 falling about 0.9% since midnight UTC to $65,900 and ether (ETH) shedding 0.5% to $1,920.The pullback came after the largest cryptocurrency rose to its highest point in more than a month on Tuesday, with a degree of profit-taking always a likely outcome.One major macroeonomic influence was the surge in the WTI crude price. The U.S. oil benchmark topped $85 per barrel for the first time since June 12 as the Iran conflict escalated, reviving the inflation concerns that have weighed on risk assets for much of the year.Nasdaq 100 and S&P 500 index futures both fell while gold climbed 0.95% to $4,118 and silver gained 1.2% as investors flocked to haven assets.The demand for safety was visible in crypto assets too, with bitcoin's dominance climbing to 59% as capital retreated from altcoins and stablecoins into the relative safety of the largest token.Derivatives positioning Market activity slows down: Trading volume over the pa…

Bitcoin retreats from one-month high as oil tops $85, inflation concerns resurface

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