Bitcoin falls below $84K as it faces pressure from oil prices, bonds

00:00 Speaker A

Bitcoin dips below 84K amid pressure from rising oil prices yield. Now, I try not to talk about the daily price of Bitcoin on this show. I haven't even checked it in the past hour or two.

00:14 Speaker A

But the fact is that we have a situation where Bitcoin has made a massive move off the lows around 60,000, hit a high near 88,000 and now is trading back, you know, in the in the mid 80s and ranging. To me,

00:26 Speaker A

when you look at that price action, you think it was in a range from the 60s to the 70s and a range from the 70s to the 80s and it moved up to a range in the 80s. That is very constructive price action, even if it moves on a day-to-day basis for an hour here and there with other markets.

00:45 Speaker A

But the big story obviously here is that 30-year treasury yields are at a multi-decade high. Uh we have Brent above $100. We have the 10-year treasury above 5.3% and a strengthening dollar. All of those things traditionally should be

01:00 Speaker A

sending Bitcoin into a massive bear market, but instead, it affects it on a day-to-day basis by 1 or 2% in any odd direction. Now,

01:08 Speaker A

we also, as usual, have leverage amplifying it. $5, $600 million worth of longs liquidated, which seems to happen every single time that Bitcoin is ranging. But what we really have right now