Bitcoin Slumps to $83.5K on Strong US Business Activity Report

Bitcoin's price has retreated to $83.5K after an economic report showed hotter-than-expected business activity in the US. The S&P Global U.S. PMI Composite preliminary reading jumped to 58.4 in September from 56.0 in the prior month, exceeding expectations.

The strong business activity report led to a decline in Bitcoin's price, which had reached as high as $87.2K on Wednesday. This sudden drop suggests that investors may be reevaluating their positions in anticipation of interest rate hikes or other economic factors.

As the market reacts to this new data, it will be interesting to see how Bitcoin and other cryptocurrencies respond. The cryptocurrency's price is closely tied to global economic trends, making it a sensitive indicator of investor sentiment.