Bitcoin Price Stalls Near $77,000 Amid Rate Expectations

The Bitcoin price hovered around $77,000 on Thursday morning as higher bond yields and growing expectations of another US interest rate rise tested the cryptocurrency's strong August rally.

Bitcoin has retreated from above $81,000 reached in late August and was trading around $77,000 in the latest session, with buying momentum showing signs of cooling.

The world's largest cryptocurrency remains more than 20% higher over the past month but has lost ground over the past week as investors reassess the outlook for interest rates and broader financial conditions.

Expectations for another Federal Reserve rate increase have climbed following hawkish signals from Fed chair Kevin Warsh, with markets assigning roughly a two-thirds probability to a 25-basis-point increase this month.