Bitcoin Price Drops Below $84,000 Amid Rising Oil Prices and Strong Economic Data

Bitcoin's price dropped below $84,000 on Thursday, September 24, as losses among altcoins accelerated. The cryptocurrency had previously risen to around $87,300.

The sell-off was attributed to rising oil prices, strong U.S. economic data, and weak demand at a Treasury auction. Brent crude rose more than 4% to around $104 a barrel after a six-session losing streak, weakening the relief that falling oil prices had provided from inflation concerns.

According to CoinDesk's assessment, the composite index of S&P Global's preliminary survey of U.S. businesses reached 58.4, signaling strong growth in activity. This data was released shortly before Bitcoin's sharpest drop on Wednesday.

The U.S. Treasury auction of five-year notes saw weak demand, with the auction ending at a yield of 5.033%, about 3 basis points above the level seen in the market before the sale. The highest auction yield for this maturity since 2006 was reported.