Bitcoin falls to $83,000 as gold drops 3%

Bitcoin fell to $83,000, down 1.5% Monday morning. Gold, measured by SPDR Gold Shares, slid 3% amid a renewed surge in oil prices. Brent crude climbed toward $108 a barrel after Tehran refused to soften its demands for reopening the Strait of Hormuz. President Donald Trump sent mixed signals on further talks. Treasuries sold off across the curve. The five-year yield rose seven basis points to 5.06%. Traders added to rate-hike bets ahead of Wednesday's PCE inflation reading. Nasdaq 100 futures dropped 1%. Dan Khus, LVRG Research's chief analyst, said Bitcoin's pullback from last week's highs was more likely a risk-off squeeze following a sharp four-day rally, profit-taking, and a liquidation wave of more than $500 million. Khus said Wednesday's PCE reading and Friday's payrolls would determine whether Bitcoin reclaims the mid-$80,000s. Gold posted its biggest drop in a month. Silver fell alongside gold. CME FedWatch showed roughly a 70% chance of an October rate hike. Metals pay no interest. The 10-year Treasury yield reached 5.20%. The U.S. Dollar Index reached 101.39, a two-month high. Bitcoin was drifting toward the midline of an ascending channel that had guided its price higher since the mid-August breakout. The exponential moving averages remained stacked bullish. The move looked like a controlled pullback rather than a trend break. Resistance stood at $86,853, the recent high. The channel top was $90,000. Support stood at $81,549, the 20-day exponential moving average. The SAR support level was $79,757.