Bitcoin declined roughly 1.5% in early Asian trading on Wednesday, trading above $84,200, after a jump in oil prices, higher U.S. Treasury yields, and a stronger dollar pressured risk assets. The world's largest cryptocurrency briefly fell to around $83,840 during the session, breaking below the $84,000 level that FxPro had previously identified as a signal that sellers were in control.

Data showed that Dogecoin led losses among major tokens, dropping 5% to about 9 cents. HYPE fell nearly 4% to around $91, while Ethereum declined 3.5% to roughly $2,610. XRP dropped close to 3% to about $1.46, and BNB, SOL, ZEC, and TRX each fell between 1% and 2.5%.

Bitcoin had traded near $86,600 on Tuesday before slumping to a low of $83,840 in early Wednesday trade. The minutes from the Federal Reserve's September meeting are due later on Wednesday, a gathering at which policymakers decided to raise rates by 25 basis points.

Dan Khus, chief analyst at LVRG Research, said in an email that weakening employment data makes "another rate hike this month look unlikely after the 25 basis point increase in September." He added: "The market has already priced in that hike, and traders are now focused on whether the minutes language is patient or still points to one more hike before year-end."

Oil prices set the tone across Asian markets. Brent crude rose nearly 1% to about $101.50 a barrel after Iran stepped up attacks on tankers in recent days. The dollar strengthened against all other Group of Ten currencies, and the 10-year U.S. Treasury yield climbed 3 basis points to 5.31%.

Despite record closes for the S&P 500 and Nasdaq 100 on Wall Street, Asian equities fell. The MSCI Asia-Pacific index dropped 0.6%, with technology stocks in South Korea and Hong Kong leading declines, while U.S. stock index futures gave back earlier gains.

Bitcoin is currently about $1,200 above the $83,000 low that FxPro described as confirming seller dominance. FxPro believes a break below that level could quickly open a path toward $80,000.