Bitcoin Tumbles Below $83,000 as Oil Rises and Yields Climb

Bitcoin's price dipped below $83,000 on Monday to start the week, extending last week's retreat. The cryptocurrency was trading at around $82,953, down 1.79% over the past 24 hours, breaching the lower edge of its reported range from last week.

The wider market began the day under pressure from rising oil and bond yields. Brent crude futures were up 1.6% to $106 a barrel, while the yield on 30-year U.S. Treasuries edged up to about 5.51%. Asian shares made a cautious start, with Reuters linking the oil rise to doubts over a U.S.-Iran truce and renewed inflation concerns.

U.S. spot Bitcoin ETFs still recorded net inflows of $134.5 million on Friday, but this may not be enough to offset the headwinds created by rising inflation and yields. The figures show that ETF demand had not turned into a net outflow on Friday, but more trading below $83,000 would make the new price territory harder to dismiss.