Bitcoin has fallen below the level mentioned by FxPro as a trigger for a "rapid decline towards the $80,000 range."

Bitcoin fell 1.6% to below $82,800, breaking through a key level that analysts believed could accelerate its decline towards $80,000.

Among the major cryptocurrencies, XRP had one of the largest declines, with approximately $550 million in leveraged crypto bets being liquidated, most of which came from traders who bet on price increases.

Affected by reports of the possible U.S. strikes against Iran and other supply threats, oil prices and U.S. Treasury yields have risen, putting pressure on cryptocurrencies and global stock markets.

As of early Thursday in Asia, Bitcoin fell by 1.6% to just below $82,800. Oil prices, on the other hand, rose due to a report that stated the White House had asked the Pentagon to provide options for strikes against Iran, pushing U.S. Treasury yields back near their highest levels since 2002.

CoinDesk Data shows that among the major cryptocurrencies, XRP has experienced the largest decline, near 4%, to around $1.42. DOGE fell by 3%, to just under 9 cents; Ethereum fell by 3%, to around $2,570. HYPE and SOL both fell by more than 2%, while ZEC had a decline of less than 1%. BNB and TRX are the only cryptocurrencies that rose, with increases of less than 1%.

Bitcoin fell below $83,000, which is also the recent low point mentioned by FxPro on Tuesday. The company stated that falling below this level may confirm that sellers have taken control of the situation and could push Bitcoin towards $80,000 "quite quickly."

This occurred a day after approximately $550 million in leveraged crypto bets were liquidated, with the majority coming from traders who bet on price increases, according to CoinGlass data.

Brent crude oil rose by 2%, reaching above $102 per barrel. In addition to reports related to Iran, a storm caused disruptions to some US crude oil production, and Houthi forces supported by Iran attacked two Saudi Arabian airports, resulting in 3 deaths. The increase in crude oil prices pushed the yield of 10-year US Treasury bonds up by 2 basis points to 5.31%.

Both of Bitcoin's recent declines have occurred during periods of rising oil prices and higher yields. If Brent crude falls below $100, a level it traded at on Tuesday, this pressure will be alleviated.