Bitcoin hovered near $84,400 on Thursday after recovering from an earlier dip, as rising oil prices, elevated Treasury yields and large-scale whale accumulation shaped market sentiment. The largest cryptocurrency traded around $84,420 after briefly falling toward the $83,000 level, according to market data.
Macro pressures remain central. The U.S. 10-year Treasury yield climbed back above 5%, its highest level since 2007, after stronger U.S. purchasing managers data and hawkish Federal Reserve commentary increased expectations for additional rate hikes. The Fed had already raised rates by 25 basis points the previous week. Higher yields typically draw capital away from risk assets such as Bitcoin and equities. Japanese 10-year yields also hit a 30-year high.
Oil added to the volatility. Brent crude traded around $105 per barrel as hopes for an immediate diplomatic breakthrough between the U.S. and Iran faded. Iranian President Masoud Pezeshkian criticized the U.S. and President Donald Trump in a United Nations General Assembly speech, coinciding with higher energy prices. Reports indicated U.S. and Iranian negotiators are exploring a phased plan to reopen the Strait of Hormuz, but U.S. Secretary of State Marco Rubio confirmed no deal has been reached. Polymarket data showed a 62% probability that the U.S.-Iran ceasefire holds through October 31.
Despite these pressures, on-chain analyst Ali Charts reported that large holders bought the dip. Since September 21, Bitcoin fell about 5.24% from $87,400 to a low near $82,800, but whales accumulated roughly 30,269 BTC, worth about $2.57 billion, over a 96-hour stretch. Analyst Ted Pillows said a pullback after forming a higher high is not unusual and flagged the $78,000 to $79,000 zone as a possible area before the next leg up.
Crypto derivatives data underscored the activity: open interest stood at $151.79 billion, liquidations reached $338.34 million, and the Fear & Greed Index remained bullish at 72. Gold rose 0.33% while the dollar index slipped 0.03%. The broader crypto market trimmed losses, with most major coins still holding weekly gains after an earlier Monday rally.
