Bitcoin Falls Below $83,000 as Oil Surges on Iran Strike Report

Bitcoin has dropped below a level that FxPro identified as a potential trigger for a rapid move toward $80,000. Brent crude climbed above $102 a barrel, while U.S. Treasury yields moved back toward their highest levels since 2002.

Bitcoin declined 1.6% to just below $82,800 during Thursday’s Asian trading hours. Oil prices jumped after a report said the White House had asked the Pentagon to develop strike options involving Iran, while Treasury yields also moved higher.

XRP suffered the largest decline among major cryptocurrencies, falling nearly 4% to around $1.42. DOGE dropped 3% to just below 9 cents, while ether declined 3% to approximately $2,570. HYPE and SOL each lost more than 2%, while ZEC slipped by less than 1%. BNB and TRX were the only major tokens in positive territory, each gaining less than 1%, according to CoinDesk data.

Bitcoin’s latest decline pushed it beneath $83,000, a recent low that FxPro said Tuesday would signal that sellers had gained control of the market. The firm warned that a break below that level could take bitcoin toward $80,000 “fairly quickly.”

The move came one day after roughly $550 million worth of leveraged crypto positions were liquidated, with traders betting on further price gains accounting for most of the losses, according to CoinGlass.

Brent crude gained 2% to trade above $102 a barrel. In addition to the Iran-related report, a storm disrupted some U.S. oil production, while Iran-backed Houthi rebels attacked two airports in Saudi Arabia, killing three people. The rise in oil prices pushed the 10-year Treasury yield 2 basis points higher to 5.31%.

Global equities also retreated from recent records. U.S. stock benchmarks declined Wednesday after reaching all-time highs the previous day, while Asian markets followed with a 1% drop. MSCI’s All Country World Index fell 0.2%, moving further away from the record high it had come within 1.5% of earlier this week.