Bitcoin Slides Under $83K as Markets React to Reported Iran Strike Plan

Bitcoin fell below $83,000 on Thursday as rising geopolitical tensions pushed oil prices higher and added pressure to broader markets. FxPro had identified $83,000 as a key level, warning that a break below it could leave bitcoin on a “quick path to $80,000.”

BTC declined 1.6% to just under $82,800 during Thursday’s Asian morning session. Brent crude climbed above $102 a barrel after reports that the White House had asked the Pentagon to prepare potential strike options involving Iran. The move in oil also drove Treasury yields closer to their highest levels since 2002.

Major cryptocurrencies broadly moved lower. XRP posted the largest decline, falling nearly 4% to about $1.42. DOGE dropped 3% to just under 9 cents, while ether declined 3% to around $2,570. HYPE and SOL each lost more than 2%, while ZEC slipped less than 1%. BNB and TRX were the only gainers, both rising less than 1%, according to CoinDesk data.

Bitcoin’s move below $83,000 also breached the recent low FxPro had highlighted on Tuesday. The firm said a break below that level would show that sellers had gained control and could accelerate a move toward $80,000.

The decline came one day after approximately $550 million in leveraged crypto positions were liquidated. Most of the liquidated positions were held by traders expecting prices to rise, CoinGlass data showed.

Oil markets faced additional supply concerns. Brent gained 2% to more than $102 a barrel as a storm disrupted some U.S. oil production. Meanwhile, Iran-backed Houthi rebels attacked two airports in Saudi Arabia, killing three people.

The jump in crude prices also lifted the 10-year Treasury yield by two basis points to 5.31%, putting it closer to its highest level since 2002.

Risk assets weakened more broadly. U.S. stock indexes declined Wednesday after reaching record highs the previous session, while Asian markets fell about 1%. The MSCI All Country World Index dropped 0.2% and moved further away from the record it had approached earlier this week, when it was within 1.5% of its peak.