Bitcoin’s role as an inflation hedge comes under the spotlight amid rising oil prices.Investors are seeking hedges in the current market environment.From a technical perspective, much of the focus is centered on oil. Elevated oil prices point to long-term inflationary pressures forcing investors to reposition defensively, a shift that is weighing on Bitcoin [BTC].As the chart below illustrates, the Middle East conflict has driven oil prices back to January 2025 levels. According to The Kobeissi