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Key Bitcoin levels come into focus

Bitcoin held around $83,000, testing the lower end of last week’s trading range. Selling pressure remained elevated across the crypto market, with ZEC down 12%; traders are now watching the $82,000 level and, below that, the $80,000 zone.

FxPro chief market analyst Alex Kuptsikevich said, “A retest of the $82,000 area can be expected under current conditions.”

According to the analyst, the $82,000 level is technically important because it marks the area where the peaks seen in May and early September formed. A sustained break below $80,000 could indicate the market is not yet ready for another move higher. On the other hand, if the current tight range ends with fresh buying momentum, a move back above $90,000 could return to the agenda.

Moves in bonds and oil weighed on crypto

The main sources of pressure in the market were U.S. Treasury bonds and Brent crude. In Asian trading, the U.S. 10-year Treasury yield steadied after a sharp sell-off in the U.S. session, rising by 1 basis point to 5.25%. The yield had touched its highest level since 2007 on Monday.

Headlines adding to macro pressure

  • Higher government bond yields raise the opportunity cost of holding non-yielding assets such as bitcoin.
  • Brent crude rising more than 1% to around $107 a barrel kept inflation expectations alive.

The move in oil was driven by fading hopes of near-term diplomatic progress with Iran. Rising energy prices are adding to inflation concerns, prompting investors to place greater weight on the risk of further rate hikes.

Risk appetite weakened in global markets

Rising oil prices and rate expectations also affected pricing around Fed policy. Global equity gauges fell, while the MSCI All Country World Index dropped to its lowest level since Sept. 18.

Nasdaq 100 futures also fell 0.3% after a sell-off in Wall Street technology shares. The picture showed that, in the short term, crypto assets are being driven not only by their own dynamics but also by macro developments across bonds, energy and monetary policy.

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