Bitcoin Slips Back Below $83,000. Rising Macro Risks Are Testing The Latest Rally.

Bitcoin slipped back below $84,000 Monday as renewed macroeconomic and geopolitical pressure weighed on cryptocurrencies after a strong rally earlier this month.

Bitcoin was trading around $83,800 at 3:04 p.m. ET, pairing some losses after falling as low as about $82,700 earlier in the session.

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. Ether and Solana both traded lower as weakness spread across digital assets.

The broader market backdrop has become less supportive in recent days. Stocks and bonds also came under pressure as investors responded to renewed tensions involving Iran and the Strait of Hormuz, while oil prices moved higher.

President Donald Trump rejected an Iranian proposal over the weekend that included reopening the Strait of Hormuz and restarting nuclear talks under a series of conditions. Trump said Sunday that he expected further negotiations with Iran this week despite rejecting the proposal, according to an interview with Axios.

Oil prices rose around 2% after the rejection, adding another source of pressure to markets already focused on inflation and interest rates.