Bitcoin Breaches $83,000 Support Amid Rising Geopolitical Tensions and Surging Treasury Yields

On Oct. 8, Bitcoin experienced a sharp decline, briefly dipping below $82,300 and breaching the critical $83,000 support level, according to data from Huo Xing Finance. This downward momentum, which resulted in a 1.94% loss over 24 hours, aligns with warnings from FxPro that a break below $83,000 could trigger a further slide toward $80,000. The market volatility is largely attributed to intensifying macroeconomic risks, including reports of the White House requesting military options against Iran, which propelled Brent crude prices above $102 per barrel. Simultaneously, U.S. 10-year Treasury yields climbed to 5.31%, their highest level since 2002. These factors contributed to $550 million in leveraged liquidations, primarily affecting long positions, as major altcoins like XRP and ETH also faced significant losses.