Bitcoin dropped below $83,000 on Monday as stalled talks over reopening the Strait of Hormuz pushed oil toward $108 a barrel and Treasury yields climbed to multi-year highs. The pullback follows bitcoin's best weekly close since January, with a packed week of U.S. jobs and inflation data ahead.
Bitcoin traded near $82,600 on Monday, down 2% over the past 24 hours, CoinDesk data show. Zcash led the losses, falling 7% to just above $1,540, while dogecoin dropped 5% to about 9 cents. Solana and hyperliquid each lost more than 4%, and ether, BNB and XRP fell between 2% and 4%.
Oil Climbs Toward $108 as Iran Talks Stall
The trigger sits in oil rather than in crypto. Brent crude climbed toward $108 a barrel after Tehran refused to soften its demands for reopening the Strait of Hormuz, and President Donald Trump sent mixed signals on further talks. Treasuries fell across the curve, with the five-year yield up seven basis points to 5.06%, as traders added to rate hike bets ahead of Wednesday's inflation reading. Nasdaq 100 futures dropped 1%, and gold fell by the most in a month.
According to "Bitcoin's pullback from last week's highs is more likely a risk-off squeeze", Dan Khus, chief analyst at LVRG Research, said in an email to CoinDesk, pointing to a sharp four-day rally, profit-taking and a liquidation wave that clashed with high Treasury yields and oil prices.
Jobs Data and Fed Bets Loom
A packed week of U.S. economic data comes as the 10-year Treasury yield sits at 5.230%, with the DXY dollar index around 101. Friday's September jobs report is the main event: nonfarm payrolls are expected to rise by 84,000, down from 162,000 in August, while unemployment is forecast to hold at 4.1%. Before then, Tuesday's JOLTS report is expected to show 7.24 million job openings, and Wednesday brings August core inflation data, forecast to rise 0.3% month over month.
Altcoins Bear the Brunt
The wider market absorbed bigger losses than bitcoin. The CoinDesk 100 index dropped 2.6% to 1,874.56, with 91 of its 100 constituents lower on the day. Trading volume jumped 70% to $172 billion over 24 hours, while open interest fell 3% to $150 billion — a pattern CoinDesk said points to traders closing positions rather than opening new ones. Bitcoin futures open interest dropped to 650,000 BTC, the lowest level since March, as traders keep avoiding leverage.
Best Weekly Close Since January
This selloff follows a milestone weekend. Bitcoin closed the week at $84,467 on Sept. 27, its highest weekly finish since the last week of January, Bitcoin.com News reported. The close held above May's intraday high of $82,850 and marked a second straight weekly close above the 50-week moving average. Trader Scott Melker noted that U.S. spot bitcoin ETFs drew roughly $2.4 billion last week, their strongest week since October 2025. Still, within hours of the close, bitcoin was already trading near $83,000, down 1.5% on the day.
Traders are now watching the $79,500 and $87,000 levels as bitcoin enters October, a month that has closed green in six of the last eight years.
Sources: CoinDesk, CoinDesk, Bitcoin News
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