Bitcoin Falls on Rising Oil Prices, Elevated Yields

Bitcoin has fallen to around $83,340 after failing to hold its previous high above $87,000. The drop follows rising oil prices, elevated US Treasury yields, and a stronger dollar.

Rising tensions between the US and Iran have pushed up oil prices, with Brent crude increasing by 1.5% to 1.6% towards $106 per barrel.

The increase in oil prices has kept inflation risks in focus, as energy costs can feed into transport and production expenses.

US Treasury yields remained elevated alongside oil, with the 10-year yield trading around 5.2% during the Asian session and the 30-year yield near 5.52%.