Bitcoin Bounces Back: $77K Reclaimed After Rate Hike Shakeout

The Bitcoin price has shown strength and resilience in the face of a chaotic 48-hour period marked by rate-hike jitters and short-seller pain.

A 25-basis-point rate hike from the Federal Open Market Committee and a stalled Senate vote on the CLARITY Act failed to shake off the market's confidence in Bitcoin, which quickly reclaimed $77,000 after a brief dip below $76,000.

The sharp reversal liquidated over $66 million in short positions against just $32 million in longs, part of a broader $260 million short squeeze.

Bitcoin is currently trading near $77,600, up roughly 1.4% on the day, with its market cap remaining intact at $1.54 trillion.