Bitcoin falls below $84,000 after US data sends yields higher

Bitcoin fell below $84,000 on Wednesday after stronger US business data sent Treasury yields higher. The decline came about an hour after the data release. Bitcoin had earlier risen above $87,000 on Binance. The S&P Global flash composite Purchasing Managers' Index rose to 58.4 from 56.0 in August. The reading marked the fastest growth since July 2021. The manufacturing gauge rose to 57.0 from 53.9. That was its strongest reading since May 2022. Input prices rose at their fastest rate since October 2022. Chris Williamson of S&P Global Market Intelligence said higher fuel and transport costs could increase pressure on selling prices and inflation in the coming months. The 10-year Treasury yield rose to 5.058% after the release. The yield had closed at 4.96% on Tuesday, according to the Treasury. The Federal Reserve raised its benchmark rate to a range of 3.75% to 4% on September 16. Higher yields make non-interest-bearing assets such as Bitcoin less attractive. Final September PMI readings are due on October 1 for manufacturing and October 5 for services.