Bitcoin Pulls Back Amid Inflation Fears and Elevated Rate-Hike Odds

Bitcoin's recent price action has been marked by a pullback from above $81,000 to around $77,845.88, according to CoinDesk.

This comes as traders are dialing down their bullish bets, with options positioning showing that call skew is softening as they shed exposure following early-week weakness.

The Federal Reserve's next move is also on the minds of investors, with CME FedWatch data pointing to a more than 60% probability of a rate hike next week, a figure corroborated by The Block after last week's jobs report.