Bitcoin Falls Below $84,000 as Treasury Yields Surge, Triggering $510 Million in Liquidations

Forecast Trend Report by Period

Bitcoin fell below $84,000 as stronger-than-expected U.S. economic data and a sharp rise in Treasury yields hit the market.

U.S. economic data for September released on Sept. 23 beat market expectations, snapping Bitcoin's recent rally. As Treasury yields surged, leveraged long positions across the crypto market were liquidated in large numbers, widening the decline.

According to CoinGlass, $135.8 million in crypto positions were liquidated in the hour following the data release. Of that, $125.9 million came from long positions. Liquidations in Bitcoin and Ether totaled $47.4 million and $23.9 million, respectively.

Over the past 24 hours, total liquidations across the broader crypto market rose to $510 million. Some 122,256 traders were liquidated, with losses from long positions alone reaching $363.83 million.