Bitcoin holds near $77,000 as global bond selloff tests rally resilience

Bitcoin held near $77,000 on Wednesday during a selloff in global bond markets. Japan's 10-year government bond yield stayed above 3% for a second straight session. U.S. and European bond yields also rose. Brent crude climbed above $95 as renewed U.S.-Iran hostilities raised concerns about further energy supply disruptions. Bitcoin's pullback from its local high remained limited. Joel Kruger of LMAX Group said bitcoin showed relative resilience against equities and other risk-sensitive markets. Bitcoin rose 23% just over a week earlier. Bitcoin then traded between $76,800 and $81,600. K33 said futures and perpetual open interest stood at $38.6 billion, down 1.8% over the past week. Perpetual open interest remained near four-month lows. Funding rates stayed neutral. Traders were active in $80,000 September calls. Wincent Senior Director Paul Howard said the positioning did not indicate expectations for an explosive move. Howard said bitcoin was expected to hold current levels for the next fortnight. He said a pullback to the $65,000 range was not expected. Global bitcoin ETPs received 52,152 BTC in August, according to K33 Head of Research Vetle Lunde. Strategy bought 4,603 BTC for $369.7 million last week, marking its first purchase since June. Friday's U.S. payrolls report is the next major macro event. Markets were pricing about a 70% chance of a September Fed hike after Warsh's Jackson Hole remarks.