Bitcoin Falls Below $85K Amid Surging US Treasury Yields

Bitcoin's recent rebound has been challenged by stronger-than-expected economic data in the US. The S&P Global flash US Composite PMI rose to 58.4 in September, the strongest reading since July 2021. This unexpected growth has led to higher Treasury yields, with the 10-year yield climbing above 5%.

The jump in interest rates is a familiar obstacle for Bitcoin's price recovery. As bond yields rise, investors are presented with more attractive alternatives to riskier assets like BTC. The market is currently looking at how long interest rates will remain elevated and what impact this will have on Bitcoin's future performance.