Surging US real yields pressure Bitcoin below $84,000

Bitcoin fell to an intraday low of $83,500 on September 23 as the US 10-year Treasury yield rose 15 basis points to 5.11%. The increase was driven by a stronger-than-expected S&P Global composite PMI of 58.4, which led investors to reprice interest rates and increased the opportunity cost of holding non-yielding assets like Bitcoin. Glassnode identifies the $84,000 to $85,000 range as the nearest on-chain support level.