Bitcoin dropped below $83,000 on Wednesday, marking a new low for the month. The decline occurred as US stock markets retreated from record highs and bond yields reached 24-year peaks. The 10-year and 30-year US bond yields climbed to 5.36% and 5.73%, respectively.
Market volatility was fueled by rising oil prices, with Brent crude reaching $102 per barrel and WTI crude hitting $91. These increases followed reports regarding potential restrictions on traffic through the Strait of Hormuz. The S&P 500 index fell 0.6% to 7,773 points during the trading session.
Data from CryptoQuant indicates that Bitcoin open interest has decreased by nearly 10% since September 22, falling from approximately $28.8 billion to $26.0 billion. Analysts noted that Bitcoin failed to surpass liquidity levels near $87,000, signaling reduced demand in both spot and derivatives markets.
The price drop pushed Bitcoin below its 21-day simple moving average of $83,850. According to CryptoQuant, market participants are now monitoring the $69,500 level, which represents the average cost basis for short-term holders who have maintained their positions for up to six months.
