The post Bitcoin Price Holds Above $83K as Oil Surge Limits Gains appeared on BitcoinEthereumNews.com.
Key Takeaways Bitcoin fluctuated between $82,807 and $84,545 on Tuesday as Middle East conflict capped near-term market upside. Brent crude oil price spikes and rising Treasury yields erased $195 million in long crypto bets on Sept. 29, 2026. Capital.com analysts expect bitcoin to consolidate in a short-term uptrend if energy market risks persist. Intraday Charting Points to Sharp Reversals Bitcoin’s price trended down on Tuesday, even as the cryptocurrency saw another turbulent 24 hours during which it fluctuated from just under $83,000 to a peak of just below $84,500. The cryptocurrency’s performance came on the back of growing rhetoric between Washington and Iran over the fate of the Strait of Hormuz alongside rising Brent crude oil prices late Monday into early Tuesday. Crude prices have ticked down over the past several hours, but remain up over the last week. As shown on the daily chart, bitcoin initially appeared to recover from its Monday afternoon dip to $82,555—its lowest price in the previous week—when it jumped above $84,000. However, the cryptocurrency failed to hold that level, falling back below the threshold nearly three hours later. Price action then consolidated between $83,600 and $83,100 for several hours before a sharp sell-off drove it down to $82,807. After hitting this low, bitcoin rebounded to reclaim $83,500 by 2 a.m. ET before peaking at $84,545 nearly seven hours later. However, much like its earlier movement, the cryptocurrency quickly gave back those gains, trading near $83,150 at 12:25 p.m. Despite the volatility, liquidations on bitcoin were capped near $78 million on Tuesday, per data from Coinglass, with wiped-out short positions exceeding $44 million. The situation across the broader crypto market was slightly different, however, as rallying altcoin prices erased $195 million in long bets compared to roughly $125 million in short bets. While bitcoin’s recent…