Bitcoin fell back below $85,000 following the rise in U.S. Treasury yields above 5%. S&P Global’s flash U.S. Composite PMI rose to 58.4 in September from 56.0 in August, the highest level since July 2021. This stronger-than-expected economic data renewed concerns that monetary policy may have to stay restrictive for longer. Bitcoin had recently climbed above $87,000 as improving sentiment and strong institutional demand helped squeeze short positions, but the pullback shows how quickly its rebound can be challenged by macro conditions. When Treasury yields jump above 5%, investors suddenly have a very different set of alternatives for capital.
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