Bitcoin fell from $86,600 to $83,800 overnight, and about $2,000 of that drop came in under 30 minutes. The trigger was macro. Iran stepped up attacks on tankers in the Strait of Hormuz, Brent crude rose toward $101.50 and the 10-year Treasury yield climbed to 5.31%. Leverage made it worse, as more than $400 million in long positions were liquidated in about an hour once Bitcoin broke below $84,000. Bitcoin is now back at the bottom of its $83,000 to $87,000 range. Will buyers defend it one more time?