Bitcoin Slips Under $83,000 as Oil, U.S. Yields and the Dollar Climb

Bitcoin fell below $83,000, extending the crypto market’s selloff and triggering heavy losses in leveraged long positions, CoinDesk reported. Flows into U.S. spot Bitcoin ETFs also weakened. Farside Investors data showed a net outflow of $89.8 million on October 5, followed by another $3.2 million of net outflows on October 6, trimming a key source of demand as macro conditions deteriorate. Bitcoin changed hands near $86,600 on Tuesday before selling intensified, sending the price down more than $3,500 in roughly a day. Leverage accelerated the move. Over the past 24 hours, about $550 million in crypto positions were liquidated, including roughly $487 million in long positions, forcing traders positioned for gains to unwind. In the first major wave, Bitcoin slid from about $85,341 to $83,790 in around 20 minutes. Liquidations can compound declines by adding forced selling pressure when holders would otherwise stay in positions. Macro headwinds picked up. With geopolitical tensions rising around the Strait of Hormuz, Brent crude climbed above $101. The 10-year U.S. Treasury yield moved above 5.3%, and the U.S. Dollar Index rose above 102, reversing recent supportive conditions. Bitcoin had previously rebounded to around $85,000 as easing oil prices helped relieve pressure on bond yields. Higher yields tend to weigh on non-yielding speculative assets, while a stronger dollar tightens financial conditions across the crypto market. Technically, the $83,000 zone had acted as support multiple times after Bitcoin’s September rally. After repeated rejections near $87,000, the slightly above $80,000 area has been viewed as a potential bottom. With $83,000 now broken, focus shifts to $82,000 and then $80,000. FxPro’s earlier technical analysis also indicated that a sustained move below $83,000 could open a path toward $80,000.