Bitcoin Tumbles Below $83,800 Amid Macro Risks and Geopolitical Uncertainty
Bitcoin's price slipped back below $83,800 on Monday as renewed macroeconomic and geopolitical pressures weighed on cryptocurrencies after a strong rally earlier this month.
The retreat followed a run that pushed Bitcoin above $87,000 last week, its highest level since January. However, even after Monday's pullback, the cryptocurrency remains well above its mid-August levels.
Other large cryptocurrencies also came under pressure during the session, with Ether and Solana trading lower as weakness spread across digital assets.
The broader market backdrop has become less supportive in recent days, with stocks and bonds coming under pressure as investors responded to renewed tensions involving Iran and the Strait of Hormuz, while oil prices moved higher.