Bitcoin
Bitcoin Drops Below $84,000 as Oil Spikes and Crypto Liquidations Near $550M
Escalating tensions in the Strait of Hormuz drove oil prices past $100 per barrel, triggering heavy liquidations across cryptocurrency markets.
Bitcoin fell to $83,570 over a 24-hour period as mounting conflict in the Strait of Hormuz pushed Brent crude above $101 per barrel, putting broad pressure on risk assets.
The geopolitical escalation involved increased drone and missile strikes on commercial tankers, with the UK Maritime Trade Operations reporting at least nine incidents during the first week of October. Rising oil prices drove US 10-year Treasury yields to 5.25% and strengthened the US dollar, constricting liquidity across financial markets.
The downturn triggered $548.97 million in total crypto liquidations affecting 101,984 leveraged traders, according to CoinGlass data. Long positions represented more than 88% of the forced closures, with over $175 million directly tied to Bitcoin contracts as approximately $80 billion was erased from total crypto market value.
From a technical perspective, Bitcoin retreated below its $84,000 support level after failing to clear the $87,000 resistance mark for the third time since late September, leaving the $83,000 region as the immediate downside level to watch.
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