Bitcoin Falls to $83,178 as Oil Spikes and Yields Climb

Bitcoin traded at $83,178.54 after opening at $85,543.66 and sliding to a low of $82,776.30, a 3.2% drop that liquidated approximately $969 million in crypto positions over the past 24 hours. CoinGlass reported that $644.47 million of those liquidations were long positions. The decline coincided with broader market stress as Brent crude returned above $101 a barrel and the 10-year Treasury yield approached 5.34%. Al Jazeera reported that UK Maritime Trade Operations logged at least one ship attack per day in the Strait of Hormuz or Gulf of Aden since October 2. Iran's Revolutionary Guard ordered a tanker to turn around or risk attack on Monday. The price action reflects macroeconomic pressure rather than a crypto-specific issue, as stocks and gold also fell. The S&P 500 dropped 0.59% to 7,772.60, while gold declined 1.53% to $4,123.10. The 30-year Treasury yield hit 5.70%, its highest level since 2002. Technical indicators show mixed signals. On the four-hour chart, Bitcoin rejected near $86,978.45 before the slide, with the Relative Strength Index at 32.2 indicating oversold conditions. Resistance levels now sit at $83,768.01 and $84,877.38. On the daily chart, the Average Directional Index remains at 42.8, suggesting a strong bullish trend persists despite the short-term sell-off. The daily Relative Strength Index stands at 52.5, a neutral reading. The 50-day exponential moving average remains above the 200-day on both timeframes, indicating the broader uptrend has not broken. Traders on Myriad, a prediction market by Decrypt parent company Dastan, are pricing in further downside. The October market gives 92% odds that Bitcoin touches $82,500, 67% odds for $80,000, and 43% odds for $77,500. Upside odds are lower, with 55% for a touch of $87,500 and 36% for $90,000. Bulls must retake $84,761.70 and $84,877.38 to suggest the dip is over. If the low of $82,776.30 breaks, the next support levels are $81,567.49 and $81,165.95. The Federal Reserve is set to release minutes from its September meeting.