Bitcoin traded nearly flat near $84,420 on Thursday after recovering part of an earlier decline linked to higher oil prices, rising Treasury yields and increased expectations for additional Federal Reserve rate hikes.

The price stood at $84,420.2 at 17:53 ET, according to Investing.com data. Bitcoin had fallen from $87,400 to an intraday low of $82,800 since September 21, a decline of 5.24%, before recovering. TradingView data separately showed Bitcoin rebounding from a low near $83,000 to trade around $84,300.

The broader cryptocurrency market also reduced its losses. Most major coins remained higher for the week following a rally earlier Monday.

Treasury Yields and Oil Pressure Risk Assets

The U.S. 10-year Treasury yield moved back above 5%, reaching its highest level since 2007. For context, the asset was created in 2009, meaning Bitcoin has never traded with benchmark U.S. yields at current levels. Strong U.S. purchasing managers data and hawkish comments from a Federal Reserve official increased expectations for further interest-rate increases. The Fed had raised rates by 25 basis points the previous week.

Higher yields can reduce demand for riskier assets such as Bitcoin because bonds offer comparatively higher returns. Bond yields also increased in other markets, with Japan’s 10-year yield reaching a 30-year high on Thursday.

Oil prices added to the pressure on financial markets. Brent crude rose to $105.02 a barrel after hopes for a diplomatic breakthrough between the United States and Iran weakened. Iranian President Masoud Pezeshkian criticized the U.S. and President Donald Trump during a speech at the United Nations General Assembly on Wednesday, which coincided with the latest rise in oil prices.

The increase in energy prices came as reports said U.S. and Iranian negotiators were exploring a phased plan to reopen the Strait of Hormuz and end the current blockade. Reuters reported that neither side had agreed to give up leverage first, meaning that no concrete agreement had been finalized.

Large Holders Accumulate Bitcoin

Despite the market pressure, analyst Ali Charts said large holders were buying Bitcoin during the decline. According to the analyst, large entities accumulated approximately 30,269 BTC, worth about $2.57 billion, over a 96-hour period. Whale tallies of this kind are compiled from on-chain wallet movements, a tracking method widely used across crypto analysis.

WHALES ARE BUYING THE DIP

Since September 21, Bitcoin has dropped 5.24%, falling from $87,400 to a low of $82,800. But while price corrected, whales appear to have taken advantage of the weakness. Over the past 96 hours, large entities accumulated roughly 30,269 $BTC, worth… pic.twitter.com/zk7MZMBS81

— Ali Charts (@alicharts) September 24, 2026

https://x.com/alicharts/status/2103211077689553270?ref_src=twsrc%5Etfw

The reported accumulation occurred while Bitcoin was recovering from its intraday low. The data did not identify the individual entities involved or establish whether the purchases would affect Bitcoin’s future price.

Conflict Keeps Inflation Concerns in Focus

Analyst Ted Pillows compared Bitcoin’s latest decline with a pattern from 2023. He said Bitcoin fell 22% after forming a higher high that year. Although he said he was not expecting a repeat of that decline, he identified the $78,000-$79,000 range as a possible level Bitcoin could reach before its next move higher.

$BTC drop after forming a higher high is not unusual. In 2023, Bitcoin dropped 22% after its first higher high. Not expecting a similar drop, but Bitcoin could tap the $78,000-$79,000 zone before its next leg up. pic.twitter.com/Sar2I47q9o

— Ted (@TedPillows) September 24, 2026

https://x.com/TedPillows/status/2103148703632752975?ref_src=twsrc%5Etfw

The continuing U.S.-Iran tensions have kept energy prices elevated. Diesel prices also rose to new highs, while inflation remained above the Federal Reserve’s 2% target. Energy prices feed directly into consumer inflation measures, which is why their trajectory remains a key input for Fed policy.

Polymarket, a prediction-market platform, indicated a 62% probability that the U.S.-Iran ceasefire would hold through October 31. U.S. Secretary of State Marco Rubio said the talks between the two sides had been positive but confirmed that no breakthrough had occurred. Developments to watch from here include whether U.S.-Iran negotiators can convert the phased Hormuz plan into an agreement, and where inflation and yields settle relative to the Fed’s targets.

Source: CoinCentral