Bitcoin fell to $81,000 on Bitstamp on Thursday, risking a loss of its key support level at $82,500 as broader markets reflected rising geopolitical and inflation concerns.
Bitcoin tests key support level
TradingView data showed BTC/USD dipping to its lowest since late September after breaching $82,000, a move that intensified long liquidations across cryptocurrencies, estimated at $430 million by CoinGlass at the time. Trader and analyst Rekt Capital described the $82,500 mark as a crucial price point determining the cryptocurrency’s next market structure.
The drop below this level stirred cautious positioning among traders, with the coin’s rebound near multiyear lows of around $57,000 still in view as a reference point.
US 30-year bond yields reach multidecade highs
US 30-year Treasury bond yields hit a 24-year peak of 5.73% before declining to 5.65%, marking a notable rise amid persistent inflation worries. By our market data, the yield closed near 5.64% on 6 October, close to its 31-day high.
Federal Reserve governor Christopher Waller spoke at a Central Bank of Turkey forum in Istanbul on Thursday, noting that if economic data remain on track, further rate hikes could occur to help inflation return to the Fed’s 2 percent target. He added that such hikes might not come consecutively but should take place within a reasonable timeframe.
Oil prices climb amid geopolitical concerns
Oil prices advanced on the day, with WTI crude reaching $93.20 and Brent crude trading at $105.88 a barrel. NBC News cited Pentagon sources suggesting the US may prepare new military strikes on Iran, heightening supply risk fears.
Market watchers also noted that the CME Group FedWatch Tool saw a rise in the probability, surpassing 70%, of a 0.25 percentage point Fed rate hike in December, while expectations for an October pause at the current 3.75-4% target range remained steady.
Source: CoinGlass | Data: U.S. Department of the Treasury
