$BTC falls below $85K-is the rally over?
$BTC dropped below $85,000 after strong US economic data pushed the 10-year Treasury yield above 5%. The report showed faster business growth but also rising costs, increasing the chance that interest rates stay high. That hurt risk assets and triggered $125.9 million in long liquidations within an hour. Bitcoin's earlier rally was helped by short sellers being forced to buy; it now needs fresh demand to recover.
$BTC dropped below $85,000 after strong US economic data pushed the 10-year Treasury yield above 5%. The report showed faster business growth but also rising costs, increasing the chance that interest rates stay high. That hurt risk assets and triggered $125.9 million in long liquidations within an hour. Bitcoin's earlier rally was helped by short sellers being forced to buy; it now needs fresh demand to recover.
