Bitcoin Falls Below $83K Amid Rising Oil Prices and Higher Yields

Bitcoin (BTC) dipped below $83,000 on September 28 as pressure from rising oil prices, higher US Treasury yields, and a stronger dollar weighed on the cryptocurrency.

Rising tensions between the US and Iran led to an increase in oil prices, with Brent crude reaching around 1.5% to 1.6% above $106 per barrel.

Higher oil prices have kept inflation risks at the forefront of investors' minds, as energy costs can feed into transport and production expenses.

The US Treasury yields also remained elevated, trading around 5.2% for the 10-year yield and near 5.52% for the 30-year yield during the Asian session.

US Federal Reserve officials have maintained a hawkish stance on inflation, with St. Louis Fed President Alberto Musalem stating last week that more rate increases would likely be needed to contain inflation.