Bitcoin Falls Toward $83,000 as Trump Rejects Iran Ceasefire Deal

$Bitcoin started the week on the back foot. After a calm weekend near $84,400, the price dropped to around $83,000 on Monday, down roughly 1.8% in 24 hours. The trigger did not come from crypto at all. It came from Washington.

Why Is Bitcoin Down Today?

President Donald Trump confirmed he has rejected a seven-day proposal from Iran that would have reopened the Strait of Hormuz and paused hostilities. Tehran had offered the plan in exchange for sanctions relief, the release of frozen assets and a broader regional truce. Trump described the offer as something the US might have accepted a year ago, and the Wall Street Journal reported he expects to resume strikes on Iran after the November 3 midterms. The US naval blockade stays in place.

Markets reacted immediately. Brent crude climbed back above $100 a barrel, the dollar strengthened, and the 10-year US Treasury yield hit 5.20%, its highest level since 2007. That combination of higher oil, a stronger dollar and rising yields is about the worst backdrop for non-yielding assets like Bitcoin and gold.

How Bad Were the Crypto Liquidations?

Monday's candle tells the story. Bitcoin opened the week at $84,455, pushed to $84,972 in an attempt to break $85,000, then fell to a low of $82,580 before settling near $83,000. According to CoinGlass, liquidations reached $478 million over 24 hours, with $386.5 million coming from long positions. Leveraged bulls were the ones getting squeezed.