Bitcoin Falls Below $87K Amid Stronger-than-Expected U.S. Business Activity Data
Bitcoin (BTC) dropped to as low as $83,500 after a strong preliminary S&P Global U.S. PMI Composite reading of 58.4 in September, up from 56.0 the previous month. The data signaled stronger-than-expected business activity, which typically supports the dollar and weighs on risk assets like cryptocurrencies. The decline followed Bitcoin's earlier rise to $87,200 but reversed quickly as investors reacted to improved economic conditions that could delay central bank stimulus measures. Market participants are now assessing how this data might influence future Federal Reserve policy decisions.
Tickers: $SPGI
Topics: Bitcoin Market Reaction PMI Report