US Business Activity Report Triggers Bitcoin Price Drop to $84,000

A sudden increase in US business activity sent Treasury yields higher, causing Bitcoin's price to reverse from $87,000 and drop below $84,000.

The September composite Purchasing Managers' Index (PMI) rose to 58.4 from 56.0 in August, indicating growing business activity, according to S&P Global.

Chris Williamson, chief business economist at S&P Global Market Intelligence, stated that 'Firms' input costs have meanwhile jumped in September at the steepest rate for four years.'

The increase in Treasury yields made assets without interest, such as Bitcoin, less attractive. The 10-year US Treasury yield climbed to 5.058%, according to TradingView data.