Bitcoin falls below $85,000 as higher Treasury yields pressure risk assets

Bitcoin dropped below $85,000 on Sept. 23 as stronger-than-expected US business activity pushed Treasury yields higher, according to CryptoSlate. The move brought renewed attention to the 5% Treasury yield level and weighed on broader risk appetite. The decline also flushed leveraged long positions, adding to the selling pressure. Bitcoin’s pullback interrupted a rebound that had gathered pace earlier in the week after the cryptocurrency moved through a large concentration of short positions. Selling intensified after S&P Global published its September flash purchasing managers’ data. The reversal highlights the sensitivity of Bitcoin’s recent momentum to shifts in bond yields and macroeconomic signals.