Bitcoin fell nearly 4% over 24 hours on Thursday in New York, reaching a low of $81,331 after oil prices rose. The decline wiped out bitcoin's gains from earlier in the week. Middle East conflict drove oil prices higher and increased inflation concerns. Higher oil prices can hurt bitcoin and other risk-on assets in the short term by increasing the likelihood of Federal Reserve interest-rate increases. However, bitcoin recently completed its strongest quarter in years, and analysts said bitcoin entered a bull market after exceeding its 365-day moving average.