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Bitcoin holds $83,000 as ZEC drops 12% and oil climbs again
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- DeepHorus
Bitcoin held just above $83,100 in early Asian trading on Tuesday, slipping under 1% as Treasury yields and oil prices revived inflation concerns. It tested the bottom of last week’s range after retreating from above $87,000. Global stocks also fell to a one-week low.
The U.S. 10-year Treasury yield touched its highest level since 2007 on Monday and stood at 5.25% in Asia. Higher debt returns raise the hurdle for non-yielding bitcoin. Brent rose more than 1% to nearly $107 a barrel as hopes for an Iran breakthrough faded, adding inflation pressure as Nasdaq 100 futures slipped 0.3%.
Zcash led losses among major tokens, falling 12% to about $1,380, according to CoinDesk. SOL and HYPE lost 3% to 4%, DOGE fell 3%, BNB 2%, and XRP nearly 2%, while Ether and TRX were flat. Total cryptocurrency market value held near $2.86 trillion.
Smaller tokens diverged, with FxPro reporting gains of 18% for GRT and nearly 10% for IMX. UNI and BCH each fell about 10%, while DASH lost 7%. A widely watched crypto sentiment index stood at 74 out of 100 on Monday, just below “extreme greed,” despite 20 days of stock-market fear.
“Bitcoin has pulled back to $83K, testing the lower boundary of last week’s consolidation range,” FxPro analyst Alex Kuptsikevich said. He expected a retest of $82,000, where peaks formed in May and early September. Renewed bullish momentum, however, could carry bitcoin above $90,000.
A sustained move below $80,000 would signal prolonged weakness and that bitcoin was not ready to advance, Kuptsikevich said. The next test comes Wednesday, when the Commerce Department publishes August’s personal consumption expenditures price index. A hotter reading could bolster rate-hike bets, lift Treasury yields and pressure risk assets further.
