Deep Tide TechFlow News, Oct. 7 — Bitcoin briefly fell below the key $84,000 level that markets had been watching, then rebounded above $84,200. The move may have been driven by rising risk aversion amid reports that Iran had stepped up attacks on oil tankers in the Strait of Hormuz, according to CoinDesk. The U.S. dollar and Treasury yields also rose, while major crypto assets broadly declined: DOGE fell about 5%, HYPE nearly 4%, ETH about 3.5%, and XRP nearly 3%.
Institutional analysts say Bitcoin’s drop below $84,000—the price level marking a “bear victory”—may indicate that bears have gained the upper hand, potentially opening the way for a rapid decline to $80,000.
Institutional analysts say Bitcoin’s drop below $84,000—the price level marking a “bear victory”—may indicate that bears have gained the upper hand, potentially opening the way for a rapid decline to $80,000.