Bitcoin joined stocks in a sell-off over US bond yields as BTC price action eyed its lowest levels for May after giving up gains.

Bitcoin traders split between a "massive catch-up" with stocks and the start of its "next downtrend" as BTC price action failed to flip $82,000 to support.

Bitcoin entered recovery mode after inflation-induced losses, while US stocks shook off macro data with broader risk appetite "skyrocketing."

Bitcoin slipped further below the $80,000 mark as US PPI data compounded the inflation problem from the US-Iran war and associated high oil prices.

Bitcoin reduces its drop from all-time highs to 35% in a move that sparked new BTC price all-time highs "within a year" on seven occasions in the past.