Bitcoin Bounces at $77.5K as Macro Headwinds Mount

Bitcoin's price recovered slightly on Wednesday, rising to around $77,500 after plummeting to two-week lows. This tentative rebound follows a 4.61% weekly drop, with investors watching for any signs of de-escalation in the U.S.-Iran standoff.

The 200-day moving average at roughly $82,228 has been a persistent hurdle for Bitcoin, rejecting five separate attempts this month. The immediate hurdle sits at $77,400, with a more meaningful test at $78,400.

The macro backdrop, however, looks dire. Thirty-year U.S. Treasury yields hit 5.198% this week, the highest level since 2007, while higher yields pull capital toward fixed income and away from risk assets.