Bitcoin Plunges 1.5% to $83,000 Amid Oil Price Surge

Bitcoin dropped to $83,000 on Monday as oil prices surged and markets turned risk-off.

The price of gold plummeted 3% due to rising Treasury yields, a stronger dollar, and increased bets on Federal Reserve rate hikes.

Dan Khus, chief analyst at LVRG Research, attributed Bitcoin's pullback to profit-taking and liquidations following a recent rally. He noted that key support levels for BTC are at $81,549 and $79,757, with future price action dependent on upcoming PCE inflation data and payrolls reports.

The surge in oil prices was driven by Brent crude climbing toward $108 a barrel after Tehran refused to soften its demands for reopening the Strait of Hormuz. Meanwhile, President Donald Trump sent mixed signals on further talks.