Bitcoin traded near $74,000 on Wednesday as US stock markets recovered, while rising bond yields following higher-than-expected inflation data kept pressure on cryptocurrency prices.
BTC remained largely unchanged at the Wall Street open, failing to follow gains in technology stocks. Cloud-computing company CoreWeave jumped as much as 21% after reporting better-than-expected third-quarter revenue and raising its 2026 guidance. Nvidia shares also opened around 2.5% higher.
The US 10-year Treasury yield climbed to 5.02%, its highest level since October 29, following stronger-than-expected Consumer Price Index (CPI) data. The 30-year Treasury yield also reached 5.378%, its highest level since October 22.
Market expectations for Federal Reserve interest rates shifted towards a more hawkish outlook, with investors pricing in a possible 0.25-percentage-point rate hike in December. Expectations of a larger 0.5-point increase also gained attention.
Oil prices moved higher amid continued attacks on ships in the Strait of Hormuz and fading hopes for a diplomatic resolution to the US-Iran conflict. US West Texas Intermediate (WTI) crude rose 1.4% to $87.70 per barrel, while Brent crude gained 1.5% to $93.40.
Bitcoin remained trapped between its 21-week and 50-week simple moving averages, positioned at $73,078 and $75,492, respectively. The narrow trading range reflected lower volatility as investors waited for a fresh market catalyst following the inflation report.
Investor profitability also weakened after Bitcoin fell below the short-term holder cost basis of approximately $75,700. On Tuesday, short-term holder wallets transferred more than 47,000 BTC to exchanges at an unrealized loss, raising concerns about potential selling pressure.
The market continues to watch whether Bitcoin can reclaim the $75,000 level or face further downside as rising bond yields and interest rate expectations influence investor sentiment.
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