PiCK
Bitcoin Slides Toward $84,000 as Iran Ship Attacks Lift Oil, Treasury Yields; Altcoins Weaken
Summary
- Bitcoin fell toward $84,000 as higher global oil prices and U.S. Treasury yields linked to Iranian ship attacks weighed on the market.
- Dogecoin, Ether, Hyperliquid and XRP, among other major altcoins, also weakened, with losses ranging from 3% to 5%.
- FXPro said a break below $84,000 in Bitcoin would signal bearish momentum taking hold, and a fall through $83,000 could lead to a quick drop toward $80,000.
Forecast Trend Report by Period
Bitcoin fell toward $84,000 as rising oil prices and higher U.S. Treasury yields, driven by Iran's expanded attacks on ships in the Strait of Hormuz, weighed on risk appetite.
CoinDesk reported on October 7 that Bitcoin was trading around $84,200 in Asian morning hours, down about 1.5% on the day. The token had climbed to about $86,600 a day earlier before tumbling early Tuesday and briefly touching $83,840.
Major altcoins posted steeper losses. Dogecoin fell about 5% to $0.09, while Hyperliquid traded around $91, down about 4%. Ether dropped 3.5% to $2,610, and XRP fell about 3% to $1.46. BNB, Solana, Zcash and Tron also lost 1% to 2.5%.
Geopolitical uncertainty in the Middle East pressured sentiment toward risk assets. Brent crude rose about 1% to $101.50 a barrel after Iran expanded attacks on tankers passing through the Strait of Hormuz.
The jump in oil was accompanied by gains in U.S. Treasury yields and the dollar. The yield on the 10-year Treasury rose 3 basis points to 5.31%, while the greenback strengthened against all Group-of-10 currencies.
Asian equities also weakened. The S&P 500 and Nasdaq 100 closed at record highs in New York, but the MSCI Asia Pacific Index fell 0.6%. Technology shares in South Korea and Hong Kong declined, and U.S. stock-index futures gave up earlier gains.
Investors are also watching minutes from the Federal Reserve's September Federal Open Market Committee meeting due later Tuesday. The Fed raised its benchmark rate by a quarter percentage point at that meeting. Dan Coatsworth, chief analyst at LVRG Research, said softer recent employment data had reduced the chances of another rate increase this month, leaving markets focused on whether the minutes offer clues on additional tightening this year.
From a technical standpoint, traders are watching whether Bitcoin holds the $84,000 level. FXPro said earlier that a break below $84,000 could signal that bears have gained the upper hand. A drop through $83,000 would suggest sellers are in control and could open the way for a quick slide to $80,000.
Suehyeon Lee
shlee@bloomingbit.ioI'm reporter Suehyeon Lee, your Web3 Moderator.