Bitcoin Falls as Trump Rejection Lifts Oil Prices and Yields
Bitcoin's price has dipped to around $83,000 after a rough Monday open, down about 1.8% over 24 hours.
The decline comes as President Trump rejected Iran's seven-day plan to end hostilities and reopen the Strait of Hormuz, pushing Brent crude back above $100 a barrel and lifting the dollar and Treasury yields.
This combination is not ideal for non-yielding assets like Bitcoin, which has been slowed by external forces rather than internal trends. The cryptocurrency's 50-day moving average remains above its 200-day average, known as a golden cross, indicating a bullish trend under the hood.
The Relative Strength Index (RSI) measures market momentum on a scale from 0 to 100 and currently sits at 58.7, firmly in bullish territory without flashing overbought. The Average Directional Index (ADX) also indicates a solid trend strength of 43.2.