Bitcoin Slips Below $83,000 as Higher Yields and Oil Prices Weigh In

Bitcoin's price has been affected by higher US bond yields and rising oil prices, causing it to dip to around $83,000. This marks a decrease of about 1% in the past 24 hours.

The latest decline is seen as more of a period of caution and profit-taking rather than a broad crypto-market sell-off, according to experts.

Higher US bond yields can make riskier assets like cryptocurrencies less attractive, while expensive oil keeps inflation concerns alive. Nischal Shetty, Founder of WazirX, said resilient US economic activity is supportive for crypto participation but higher yields and oil prices are creating inflation and funding pressures.

Institutional demand remains one of the factors cushioning the decline, with US spot Bitcoin and Ether funds continuing to attract money. Sidharth Sogani Jain, Founder, CEO & Fund Manager at Blue Aster Capital and CREBACO Global, said liquidity is returning to US markets and Bitcoin is benefiting from this renewed flow of money.