Bitcoin Sees Fresh Bounce as Falling Fed Hike Odds Boost $82K Target

Bitcoin has regained ground above $77,500 after buyers defended its average cost basis of around $76,350. This move has reopened the path towards $80,000, with the May high near $82,800 becoming a potential target if control is maintained.

The decline in Federal Reserve rate hike odds, now at 62%, has contributed to this rebound. Weaker labor signals and a softer jobs number could further reduce tightening expectations, benefiting risk assets like Bitcoin.

However, clearing the $80,000 level will be a crucial test for Bitcoin's ability to retest $82,000. Spot participation is still required to validate this move, as institutional buying has not been uninterrupted, with recent outflows of around $236 million from spot Bitcoin ETFs.