Bitcoin price today: Why did BTC USD reverse from $87,000 and drop to $84,000? Here's what crypto traders

Bitcoin’s rally took a sharp turn on Wednesday after a stronger-than-expected US business activity report sent Treasury yields higher as

fell below $84,000 about an hour after the data was released, reversing a morning rally that had pushed the cryptocurrency above $87,000 on Binance. The cryptocurrency's decline came after Bitcoin had climbed roughly $10,000 in four days, moving from an area around $74,900 following the recent vote to a high of about $87,300 on Monday.

Bitcoin Price Today: Why Did BTC USD Fall To $84,000

The move followed the release of the S&P Global flash Purchasing Managers’ Index (PMI), an early monthly survey of about 1,150 US companies, the September composite PMI rose to 58.4 from 56.0 in August, as per S&P Global.

A reading above 50 indicates growing business activity. So the 58.4 reading marked the fastest growth since July 2021, while the manufacturing gauge rose to 57.0 from 53.9, which is its strongest reading since May 2022.

US Business Activity Rises as Input Costs Jump

The September survey also showed rising costs. As per S&P Global, input prices increased at their fastest pace since October 2022, while fuel and transport costs also rose as oil prices moved higher during the month.