BTC Price Rebounds to $77,500 as Macro Headwinds Persist
Bitcoin (BTC) price edged higher on Wednesday, reaching 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 as they assess the market's direction. The chart looks bad, but the macro backdrop looks worse, with 30-year U.S. Treasury yields hitting 5.198% this week, a level last seen in 2007.
The higher yields pull capital toward fixed income and away from risk assets, leaving Bitcoin to compete with a 5.2% risk-free rate while Brent crude trades above $110, keeping inflation in the picture. A daily close above $80,000, paired with positive spot ETF flows and Brent below $108, would mark a full regime change.
The immediate hurdle sits at $77,400, with a more meaningful test at $78,400. Bitcoin's 30-day average funding rate has stayed negative for 81 consecutive days, the longest such stretch on record, according to K33 Research.