Bitcoin falls below $85,000 as 10-year yield hits 19-year high

Bitcoin fell below $85,000 on Wednesday. Bitcoin declined 2%. The US 10-year Treasury yield rose past 5% to a 19-year high. Bull Theory said the 10-year yield jumped after September's flash PMI data exceeded forecasts. The composite PMI reached a five-year high. The two-year Treasury yield reached a 27-month high. The moves signaled that the bond market expects the Federal Reserve to take a more hawkish stance. S&P Global's flash September PMI report put the composite output index at 58.4. The index rose from 56.0 in August. The reading was the highest in 62 months. Chris Williamson said the survey data aligned with roughly 5% annualized growth. Williamson said Q3 was tracking closer to 4% overall. Faster growth can support appetite for Bitcoin. Faster growth also weakens the case for urgent rate cuts. Input costs across manufacturing and services reached their highest level since October 2022. Fuel and transportation costs drove the increase. Wage pressure also strengthened. Hiring increased at its fastest pace since June 2022. Unfinished orders accumulated at their sharpest rate since May 2022. Selling price inflation accelerated from August. Selling price inflation remained below the pace from March through July. BTC traded near $84,250 on Wednesday. BTC pulled back from Monday's high of $87,283. The move was described as a pullback within an intact uptrend. The Supertrend signal remained bullish. Trailing support stood at $78,243 from the August buy signal near $65,000. The 20-day EMA stood at $79,933 as a key support level.