Bitcoin fell below $83,000 on Thursday, breaking a level that FxPro had identified as important for the short-term market outlook. The firm previously warned that a break below that threshold could create a “quick path to $80,000.”
BTC was down 1.6% at just under $82,800 during Asian morning trading. The decline came as oil prices surged following a report that the White House had asked the Pentagon to prepare potential strike options involving Iran. Treasury yields also moved back toward levels not seen since 2002.
XRP posted the steepest decline among major cryptocurrencies, falling almost 4% to roughly $1.42. DOGE dropped 3% to below 9 cents, while ether declined 3% to around $2,570. HYPE and SOL both lost more than 2%, while ZEC fell less than 1%. BNB and TRX bucked the broader trend, with each gaining less than 1%, according to CoinDesk data.
The move below $83,000 marked a break of bitcoin’s recent low. FxPro said earlier this week that holding above the level was important for maintaining buyer control, while a decisive move below it would indicate that sellers had taken over. The firm said bitcoin could then reach $80,000 relatively quickly.
The latest decline followed a sharp round of derivatives liquidations. About $550 million in leveraged crypto positions were wiped out the previous day, with traders holding bullish positions accounting for most of the losses, CoinGlass data showed.
Brent crude climbed 2% to more than $102 a barrel. Oil received additional support from a storm that disrupted some U.S. production and attacks by Iran-backed Houthi rebels on two airports in Saudi Arabia, which killed three people.
The oil surge also pushed the 10-year U.S. Treasury yield 2 basis points higher to 5.31%, bringing it closer to its highest level since 2002.
Stocks also gave up some of their recent gains. Wall Street’s major indexes declined Wednesday, one session after reaching record highs, while Asian equities fell about 1%. MSCI’s All Country World Index dropped 0.2% and moved farther from the record high it had approached earlier in the week, when it was within 1.5% of the peak.
