Bitcoin dips below $84,000 as oil jumps on Iranian tanker attacks

Bitcoin dips below $84,000 as oil jumps on Iranian tanker attacks

Bitcoin briefly broke under the level analysts flagged as the point where sellers take over. Oil and the dollar both climbed.

Bitcoin fell about 1.5 percent to just above $84,200 as escalating Iranian attacks on tankers pushed oil prices, Treasury yields and the dollar higher. Dogecoin led losses among major cryptocurrencies with a 5 percent decline, while ether dropped 3.5 percent and XRP fell nearly 3 percent. A sustained break below $83,000 could put Bitcoin on a quick path toward $80,000, according to FxPro, as traders await minutes from the Federal Reserve’s September meeting.

Bitcoin fell about 1.5% to just above $84,200 as of Wednesday Asian morning hours as oil climbed on stepped-up Iranian attacks on tankers in the Strait of Hormuz, lifting Treasury yields and the dollar.

DOGE led the losses among the majors, sliding 5% to about 9 cents. HYPE dropped nearly 4% to about $91, and ether lost 3.5% to about $2,610. XRP fell nearly 3% to about $1.46, while BNB, SOL, ZEC and TRX each slipped between 1% and 2.5%, according to CoinDesk data.

Bitcoin traded near $86,600 on Tuesday before a sharp drop early Wednesday took it as low as about $83,840 — below the $84,000 level that FxPro said on Tuesday would signal "a victory for the bears."

Minutes from the Fed's September meeting, when it raised rates by a quarter point, come out later Wednesday. Weaker jobs data made "another rate increase this month look less likely after September's quarter-point hike," Dan Khus, chief analyst at LVRG Research, said in an email to CoinDesk.

"The market had already priced in that hike, so traders are now looking at whether the notes sound patient or still point to one more increase before the end of the year," he added.

Oil set the tone in Asia. Brent rose almost 1% to about $101.50 a barrel after Iran picked up the pace of its attacks on tankers in recent days. The dollar strengthened against every other Group-of-10 currency, and the 10-year Treasury yield climbed three basis points to 5.31%.

Asian stocks fell even after record closes for the S&P 500 and Nasdaq 100 on Wall Street. MSCI's Asia Pacific gauge dropped 0.6% as tech shares in South Korea and Hong Kong turned lower, and U.S. stock futures reversed earlier gains.

Bitcoin now sits about $1,200 above the $83,000 low that FxPro said would confirm sellers are in control — and the firm sees a break of that level opening a quick path to $80,000.

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The Definitive Stablecoin Landscape Series: Asia Pacific

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As stablecoins move into regulated finance, APAC is becoming a key proving ground. This report maps the region’s rules, use cases, and RLUSD’s role.

As stablecoins move into regulated finance, APAC is becoming a key proving ground. This report maps the region’s rules, use cases, and RLUSD’s role.

Why it matters:

As stablecoins move into regulated finance, APAC is becoming a key proving ground. This report maps the region’s rules, use cases, and RLUSD’s role.

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