Bitcoin fell to around the $83,000 level, marking its lowest price range this month.

On Oct. 7, Cointelegraph reported that BTC/USD slid to around $82,700 around the time U.S. stock markets opened, setting a new monthly low.

The decline came as a surge in oil prices on heightened Middle East tensions, rising U.S. Treasury yields and broad weakness in risk assets overlapped. Brent crude rose to $102 a barrel and West Texas Intermediate (WTI) to $91. Reuters reported that an adviser to the commander of Iran's Islamic Revolutionary Guard Corps said, "The Strait of Hormuz has been closed, and the Islamic Republic of Iran's military has already taken control." He added, "It will continue until Iran's demands are accepted."

Long-term U.S. yields, which are sensitive to inflation and fiscal burdens, also jumped. The U.S. 10-year Treasury yield rose to 5.36 percent and the 30-year yield to 5.73 percent, both hitting 24-year highs.

Stocks also turned lower after hitting a record high the previous day. The S&P 500 was trading around 7,773, down 0.6 percent.

Mohammad Kubaji (무함마드 쿠바지), Goldman Sachs co-head of FICC and equities, said pressure on interest rates could persist if energy prices stay elevated while institutional investor demand is weak. He forecast that rising oil prices would be a key variable shaping long-term yield trends.

There are also signs of slowing demand within the crypto market. Bitcoin has failed to absorb selling pressure piled up near $87,000, and buying interest is weakening in both spot and derivatives markets, the analysis said.

CryptoQuant said bitcoin prices have held at similar levels since Sept. 22, but open interest fell about 10 percent to about $26 billion from about $28.8 billion. CryptoQuant said this suggests investors' willingness to take on additional risk is limited.

Technically, bitcoin also fell below the 21-day simple moving average of $83,850, which had served as a support level. CryptoQuant said that on longer time frames, it is necessary to watch $69,500, the average purchase price of short-term holders. The figure refers to the average cost basis for investors who have held for up to six months without selling.

The market is watching whether external macro factors and weakening internal supply-demand conditions will continue at the same time. If oil prices and interest rates keep rising and bitcoin fails to break above the $87,000 resistance level, short-term volatility could increase further.