Bitcoin Falls Lower as Trump's Iran Snub Sends Oil, Yields Higher

In brief

• Bitcoin trades near $83,000, down about 1.8% over 24 hours, as most of the top 10 cryptocurrencies extend last week's cooldown.
• President Trump's rejection of Iran's seven-day plan to end the war and reopen the Strait of Hormuz pushed Brent crude back above $100 a barrel and lifted the dollar and Treasury yields.
• Traders are bracing for Wednesday's PCE inflation report and Friday's jobs data, with CME FedWatch pricing roughly a 64% chance of another Fed hike on October 28.

The Bitcoin rally that sent BTC soaring in August is once again being slowed today by forces largely outside of the crypto market’s control. Bitcoin is currently trading near $83,000, down about 1.8% over 24 hours, after a quiet weekend gave way to a rough Monday open.

Monday's candle tells the story on its own. Bitcoin opened the week at $84,455, pushed as high as $84,972 in early trading trying to break the $85K mark, then buckled to a low of $82,580 before settling around $82,933, down roughly $1,523 on the day, or 1.8%.

Zoom out, though, and that dip looks small compared to the gains the cryptocurrency experienced last month. Bitcoin spent most of the year in a heavy bear trend.

August and early September changed everything: a sharp breakout candle blew Bitcoin’s price from the mid-$70,000s past $80,000 in a matter of days, kicking off a rally that carried Bitcoin to a high near $87,354 before the market cooled into the consolidation it's stuck in now.