Bitcoin Rebounds to $77,500 as Macro Headwinds Mount

Bitcoin edged higher on Wednesday to trade near $77,500 after a brutal stretch that pushed it to two-week lows.

The recovery follows a 4.61% weekly drop, with Bitcoin opening at $76,757 before climbing past $77,400 by mid-morning Eastern time.

Investors are watching for any sign of de-escalation in the U.S. and Iran standoff.

The chart looks bad, but the macro backdrop looks worse, with 30-year U.S. Treasury yields hitting 5.198%, a level last seen in 2007, and the 10-year touching 4.687%.