Bitcoin Falls Below $85,000 as Treasury Yield Tops 5%
The decline followed stronger U.S. business activity and coincided with $135.8 million in crypto liquidations within one hour.
Bitcoin (BTC) fell below $85,000 on Sept. 23 as stronger U.S. business activity coincided with a 10-year Treasury yield above 5% intraday and increased liquidations of leveraged crypto positions.
Bitcoin reached $83,536.49 before closing at $84,337.99, reversing a rebound that had lifted it above $86,000 earlier in the week.
The September flash U.S. composite Purchasing Managers’ Index rose to 58.4 from 56.0 in August. The services reading reached 58.7, while manufacturing rose to 57.0, signaling faster expansion and renewed pressure on interest-rate-sensitive assets.
Crypto liquidations totaled $135.8 million within one hour, including $125.9 million in leveraged long positions. Bitcoin accounted for $47.4 million of the liquidations, while Ether (ETH) accounted for $23.9 million.
The decline halted a recovery that had gained pace after short-position liquidations earlier in the week.
