Bitcoin fell below $83,000 on Wednesday, reaching $82,734 on Bitstamp and marking its lowest level of October so far as renewed Iran-related tensions pushed oil prices higher and triggered a sell-off in global markets.
Brent crude climbed to around $102 per barrel, while WTI reached $91 as concerns over traffic through the Strait of Hormuz intensified. US Treasury yields also surged, with the 10-year yield reaching 5.36% and the 30-year yield hitting 5.73%, their highest levels in 24 years. Meanwhile, the S&P 500 fell 0.6% after reaching a record high a day earlier.
Bitcoin’s decline also reflected weak market demand. CryptoQuant reported that Bitcoin open interest had fallen nearly 10% since September 22, from about $28.8 billion to $26 billion, suggesting limited appetite among futures traders to take on additional risk.
The drop below $83,850 also pushed Bitcoin below its 21-day simple moving average, while analysts are monitoring $69,500 as a key level based on the average cost basis of short-term Bitcoin holders.
