Bitcoin price drops to $82.7K October low as bond sell-off resumes on Iran nerves
Summary
Bitcoin fell below $83,000 at the Wednesday US market open, reaching a new monthly low as rising oil prices and bond yields weighed on risk assets. Brent crude rose to $102 a barrel amid Iran’s threats to restrict Strait of Hormuz traffic, while US 10- and 30-year Treasury yields reached 5.36% and 5.73%, their highest levels in 24 years. US stocks also retreated after setting records. Bitcoin remained below resistance near $87,000, and CryptoQuant reported that open interest had fallen nearly 10% since September 22, alongside subdued spot demand. The decline put BTC below its 21-day moving average near $83,850; analysts identified $69,500 as a key longer-term level based on short-term holders’ average cost basis.
