BTC falls below $85K as U.S. 10-year Treasury yield tops 5% again

Bitcoin fell below $85,000 as U.S. Treasury yields resumed climbing after S&P Global reported a stronger-than-expected preliminary U.S. composite purchasing managers index for September, CryptoSlate said. The outlet said S&P Global’s preliminary September U.S. composite PMI came in at 58.4, the highest reading since July 2021. As the U.S. 10-year Treasury yield moved back above 5%, expectations grew that the Federal Reserve could keep interest rates higher for longer. In the hour after the PMI release, about $135.8 million in crypto positions were liquidated, including $125.9 million in longs, with BTC and ETH accounting for $47.4 million and $23.9 million, respectively. CryptoSlate added that the short-squeeze effect that had recently supported BTC’s gains has largely run its course, suggesting Bitcoin will need fresh spot buying to reclaim $85,000.