Bitcoin slips below $85,000 as 5% Treasury yield returns to haunt risk assets
Bitcoin fell below $85,000 on September 23 due to stronger-than-expected US business activity, which pushed Treasury yields higher and triggered selling of leveraged long positions. The decline broke a recent rebound as Bitcoin had previously pushed through a significant concentration of short positions. Selling intensified after S&P Global released its September flash purchasing managers' index report.
Bitcoin fell below $85,000 on September 23 due to stronger-than-expected US business activity, which pushed Treasury yields higher and triggered selling of leveraged long positions. The decline broke a recent rebound as Bitcoin had previously pushed through a significant concentration of short positions. Selling intensified after S&P Global released its September flash purchasing managers' index report.
Sources
- CryptoSlate — Bitcoin slips below $85,000 as 5% Treasury yield returns to haunt risk assets
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