Bitcoin dipped below $81,000 and oil prices gained after reports that military confrontation between the US and Iran could return, according to Cointelegraph.

BTC risked losing key support at $82,500 after Thursday's Wall Street open as oil climbed over concerns of US-Iran military action. Data from TradingView showed BTC/USD dropping to $81,000 on Bitstamp, its lowest since Sept. 21, amid fresh concerns about the confrontation.

Citing a Pentagon official and a source familiar with the matter, NBC News reported the US could be preparing fresh military strikes on Iran, sending oil higher: WTI crude reached $93.20 a barrel, its highest since Oct. 2, while Brent crude hit $105.88.

At a rally in San Antonio, Texas, US President Donald Trump said Middle East envoy Steve Witkoff was making progress with Iran on a peace deal while acknowledging little personal interest in a diplomatic outcome.

"I think the deal isn't really something that I want to do, but they're willing to offer us anything to stop," he was quoted as saying by the Independent, seeing the conflict ending "very soon." The US 30-year bond yield set a new 24-year high of 5.73% on the day before dropping to 5.65% as markets stayed nervous about the war's impact on fuel prices and inflation.

Comments from Fed Governor Christopher Waller added pressure to yields as he saw the need for further rate hikes to tame inflation. "If the economic data continue to come in as expected, I anticipate additional hikes to support a timelier return of inflation to our 2 percent goal. But there is some flexibility about when those hikes will occur," he said at a Central Bank of Turkey forum in Istanbul. "The hikes do not need to come at consecutive meetings, but they should be in place in an acceptable period of time."

CME Group's FedWatch Tool showed markets raising bets on a 0.25% hike at the December meeting, with the odds passing 70% on Thursday, while consensus for October still favors a pause at the current 3.75%-4% level.

Bitcoin's $82,500 support hangs in the balance, with traders waiting for a clear move around the level. This support carries significance within Bitcoin's broader rebound from multiyear lows near $57,000, Cointelegraph has reported, thanks to similarities with the end of the 2022 bear market. "Bitcoin is still in a transitional phase and at critical technical juncture. ~$82500 is the deciding price point when it comes to where Bitcoin builds out its next market structure," trader and analyst Rekt Capital wrote in updated X analysis on the day.

Bitcoin's dip below $82,000 exacerbated cross-crypto long liquidations, which stood at around $430 million at the time of writing, per CoinGlass data.