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Bitcoin slips after strong US data lifts Treasury yields
Bitcoin had traded above $87,000, but reversed within about an hour after a stronger-than-expected US business activity report pushed yields higher, with US spot Bitcoin ETFs drawing about $1.71 billion in inflows over Sept. 21 to 22.
Bitcoin pulled back after a stronger-than-expected US business activity report pushed Treasury yields higher, helping cool a recent push that had taken BTC-USD above the $87,000 level. LiveMint Markets said the price slipped below $84,000 within roughly an hour of the data release, reversing earlier gains.
The article also noted Bitcoin had gained nearly $10,000 over four days, rising from about $74,900 to around $87,300 on Monday. Still, over the past seven days Bitcoin was up about 10% to 14%, breaking above the $85,000 to $87,000 range.
According to LiveMint Markets, institutional interest supported the move, citing US spot Bitcoin ETF inflows of around $1.71 billion over Sept. 21 to 22. The piece added that more than $1 billion in crypto positions were liquidated, including a significant share of short positions, which can spur additional buying as short sellers close.
Looking ahead, the article said markets face two diplomatic tests, progress in US-Iran negotiations and a Trump-Xi meeting, with constructive outcomes potentially supporting sentiment. It also highlighted key technical levels to watch, including $83,520 as support and $87,000 as a threshold for momentum to return.
Latest closeBitcoin $81,906.63 ▼1.4%