Crypto Market Under Pressure Across the Board as Bitcoin Falls Below $83,000, Ethereum Drops Below $2,500

TradingKey - Crypto market under pressure and declining; Bitcoin dips below $83,000, while Ethereum simultaneously breaks below the key $2,500 mark.

On October 10, the crypto market lacked rebound momentum and came under pressure across the board. Bitcoin (BTC) fell below $83,000 again, while Ethereum (ETH) also dropped below the key $2,500 level, with other major coins following lower in volatile trading.

Top 10 cryptocurrency price changes, Source: CoinMarketCap

Yesterday, these two major cryptocurrencies rallied noticeably during early U.S. stock trading, but have now retreated. This is primarily the result of major macroeconomic headwinds combining with a simultaneous pullback in tech stocks. Specifically, the 10-year U.S. Treasury yield remained high (approaching 5.3%), which, combined with a strengthening U.S. Dollar Index, directly suppressed the liquidity premium of global high-beta risk assets and non-yielding assets.

Additionally, OpenAI revenue doubts and high-level consolidation in tech stocks such as Nvidia (NVDA) and Micron Technology (MU) spurred risk-off sentiment in U.S. equities, revealing once again the high correlation between the crypto market and U.S. stocks and dragging down the rebound in ETH and major altcoins. However, Bitcoin's technical pullback this time has not damaged its bullish structure, and it is expected to strengthen further after a brief consolidation.