Bitcoin Recovers Above $77,500 Mark While Fed Rate Hike Odds Drop to 62%

Bitcoin traded above $77,700 during Asian morning hours Thursday, rising roughly 1.5% over the previous 24 hours after briefly dipping to a low near $76,000. The recovery came as buyers stepped in near the average cost basis of active investors, estimated at around $76,350, absorbing selling pressure from traders who had bought in earlier this year.

BNB and Solana also posted solid increases. Tron edged higher and Hyperliquid’s HYPE token held steady, though Ether lagged behind the broader market. On a weekly basis, only Zcash and HYPE managed to hold onto gains, with most other major tokens still in negative territory.

Bond Market Turmoil and Fed Rate Odds Shift

Renewed military tension near the Strait of Hormuz pushed oil prices sharply higher, reviving inflation concerns and driving the ten-year Treasury yield to its highest level since 2023. Despite this, equity markets remained largely stable, with major indexes posting modest gains.

Meanwhile, expectations for a Federal Reserve rate hike later this month have eased, with market implied odds dropping to just above 62%, down noticeably from earlier in the week following hawkish comments from the Fed chair at a recent economic symposium.