Oversupply from millions of alternative tokens creates additional downward pressure on Bitcoin.

"Higher oil feeds inflation, higher inflation lifts yields, and rising borrowing costs pull money out of risk assets and reinforce expectations that central banks stay tight. Bitcoin sits in the same risk complex, so the read-through is negative at the margin."

"The analyst also considers the oversupply in a market where millions of alternative tokens now exist to be an additional source of pressure on BTC."