BTC Tumbles Towards $83K as Oil Prices Surge and Dollar Strengthens

Bitcoin's price has been on a downward trend, falling towards $83,000 despite the influx of over $3 billion into US spot Bitcoin exchange-traded funds (ETFs) last week.

The decline in BTC's value is attributed to rising oil prices, which have increased inflation risks. Brent crude rose by 1.5% to 1.6% towards $106 per barrel after tensions between the US and Iran deteriorated over the weekend.

Higher oil prices and elevated US Treasury yields have also tightened financial conditions, with the 10-year yield trading around 5.2% during the Asian session and the 30-year yield near 5.52%.

The US dollar has strengthened alongside these expectations, reaching a two-month high of 101.15 on Monday, with a 1.7% gain in September.