Global equities dropped to a one-week low as Brent crude posted a second consecutive gain and traders increased bets on further Federal Reserve rate hikes ahead of Wednesday’s PCE inflation figures.

Bitcoin declined less than 1% to just above $83,100 during Tuesday’s Asian session, returning to the lower end of last week’s trading range. The move came after the 10-year U.S. Treasury yield climbed to its highest level since 2007.

ZEC suffered the largest loss among major cryptocurrencies, falling 12% to approximately $1,380, according to CoinDesk data. SOL and HYPE declined between 3% and 4%, while DOGE lost 3%, BNB fell 2% and XRP dropped nearly 2%. Ether and TRX were little changed.

Among smaller cryptocurrencies, The Graph’s GRT advanced 18% and Immutable’s IMX gained nearly 10%, according to FxPro. UNI and BCH each declined roughly 10%, while DASH fell 7%. The combined crypto market capitalization remained around $2.86 trillion.

A widely followed crypto sentiment gauge was at 74 out of 100 on Monday, just below the “extreme greed” threshold. FxPro pointed to the contrast with equities, where fear has persisted for roughly 20 days.

Alex Kuptsikevich, chief market analyst at FxPro, said Bitcoin’s pullback toward $83,000 is testing the lower boundary of last week’s consolidation. He noted that another test of the $82,000 region would be consistent with current conditions, as the area previously marked peaks in May and early September.

Kuptsikevich said a sustained move below $80,000 would indicate that Bitcoin could remain below its recent highs for some time. However, if the current consolidation is followed by renewed bullish momentum, he said the cryptocurrency could move significantly above $90,000.

Bond Yields and Oil Weigh on Bitcoin

Bitcoin’s latest weakness comes as bond yields and oil prices move higher.

Treasuries stabilized during Asian trading after a sharp selloff in the U.S. The 10-year yield rose one basis point to 5.25% after reaching its highest level since 2007 on Monday. Higher yields increase the relative appeal of income-producing government debt compared with assets such as Bitcoin that do not generate traditional interest income.

Brent crude climbed more than 1% to nearly $107 a barrel, extending its gains for a second day as expectations for an immediate diplomatic breakthrough with Iran weakened.

Higher energy prices can contribute to inflationary pressure, leading traders to increase expectations for additional Fed rate hikes. The MSCI All Country World Index fell to its lowest level since Sept. 18, while Nasdaq 100 futures slipped 0.3% following Monday’s technology-led selloff in U.S. stocks.

PCE Inflation Data in Focus

Markets are now awaiting Wednesday’s release of the August personal consumption expenditures price index from the U.S. Commerce Department.

The PCE index is closely monitored by the Federal Reserve as an inflation measure. A reading above expectations could strengthen rate-hike bets and put further upward pressure on Treasury yields.

Those developments are adding to the pressure on Bitcoin after its recent advance above $87,000.