Bitcoin dropped to an intraday low of $83,500 on Sept. 23 as a sharp rise in US Treasury yields added pressure to the cryptocurrency market. The US 10-year Treasury yield ended the session at 5.11%, up 15 basis points in one day. According to CryptoSlate, the move came as a hotter-than-expected business activity survey led investors to reassess the outlook for interest rates. Bitcoin is now trading within the $84,000-to-$85,000 range that Glassnode identifies as its nearest key zone. The simultaneous decline in Bitcoin and rise in yields highlights the sensitivity of the leading cryptocurrency to shifts in interest-rate expectations. Investors had to reprice rate assumptions after the economic data, while higher yields shaped the broader market backdrop. The report focuses on the relationship between US real yields and Bitcoin’s recent weakness, with the cryptocurrency remaining below the $84,000 level after its latest intraday decline.
