Cryptoslate analyzed that Bitcoin (BTC) fell below the $85,000 mark as US Treasury yields rose again following the release of the September US Composite Purchasing Managers' Index (PMI), which exceeded S&P Global's market outlook. The media explained, "S&P Global's preliminary September US Composite PMI recorded 58.4, the highest figure since July 2021. As a result, the US 10-year Treasury yield surpassed 5% again, highlighting the possibility of the Federal Reserve's (Fed) high-interest rates prolonging. Approximately $135.8 million worth of cryptocurrency positions were liquidated within an hour immediately after the PMI announcement. Of this, long position liquidations amounted to $125.9 million, with $47.4 million liquidated from BTC and $23.9 million from ETH, respectively. As the short position liquidation effect, which had recently driven BTC's upward trend, has largely been exhausted, new spot buying will be needed to support BTC's recovery to $85,000."
