Bitcoin lost the $84,000 line overnight, and oil had a lot to do with it.
📌 What happened
Per CoinDesk, $BTC fell as low as $83,840 in Asian hours after attacks on tankers in the Strait of Hormuz lifted Brent crude to about $101.50. The Block counted $487.2 million in long liquidations over 24 hours.
🔍 Why it matters
• Analysts had flagged $84,000 as a key line, and FxPro told CoinDesk a sustained break below $83,000 could open a path toward $80,000.
• The 10-year Treasury yield rose to 5.31% and the dollar firmed, a tough mix for assets that pay no yield.
• Much of the selling came from forced long exits rather than fresh spot supply, per The Block.
👀 What to watch
• The Fed's September meeting minutes, and whether they shift rate expectations.
• Counterpoint: per Cointelegraph, bitcoin has held an $82,500 to $87,400 range since September 21, so this may still be noise inside the range.
💬 Is this a leverage flush inside the range, or the start of a bigger move?
#Bitcoin #CryptoMarket
📌 What happened
Per CoinDesk, $BTC fell as low as $83,840 in Asian hours after attacks on tankers in the Strait of Hormuz lifted Brent crude to about $101.50. The Block counted $487.2 million in long liquidations over 24 hours.
🔍 Why it matters
• Analysts had flagged $84,000 as a key line, and FxPro told CoinDesk a sustained break below $83,000 could open a path toward $80,000.
• The 10-year Treasury yield rose to 5.31% and the dollar firmed, a tough mix for assets that pay no yield.
• Much of the selling came from forced long exits rather than fresh spot supply, per The Block.
👀 What to watch
• The Fed's September meeting minutes, and whether they shift rate expectations.
• Counterpoint: per Cointelegraph, bitcoin has held an $82,500 to $87,400 range since September 21, so this may still be noise inside the range.
💬 Is this a leverage flush inside the range, or the start of a bigger move?
#Bitcoin #CryptoMarket
