Bitcoin drops below $85,000 as Treasury yields climb above 5%

Bitcoin fell below $85,000 on September 23 after stronger-than-expected US economic data pushed Treasury yields above 5%, triggering a wave of liquidations. S&P Global reported that the composite PMI reached a five-year high of 58.4, signaling robust growth but also renewed inflationary pressures. The market reversal led to $135.8 million in crypto liquidations within an hour, with long positions accounting for $125.9 million of the total. Over the past 24 hours, 122,256 traders saw $510 million in losses.