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Bitcoin Price Drops as Strong Economic Data Triggers Rate Hike Bets

Guavy AI Editorial Team
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BTC
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The U.S. September composite PMI surged to 58.4, exceeding expectations and reaching a five-year high.

This strong economic data has increased market expectations for further Fed tightening, with CME data showing a 25-bp rate hike in October probability rising to 69.7%.

In response, the price of Bitcoin retreated from its highest level since January but has stabilized around $84K, while other major assets such as gold and silver also fell sharply.

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