Bitcoin hovered near $67,000 on Thursday, recovering slightly from a session low around $66,948, as traders absorbed a shift in interest-rate expectations. Markets are now pricing no change at the Federal Reserve's July meeting, a recalibration that added to the macro headwinds already pressing on crypto prices.
Fed odds shift
Rate futures data shows the probability of a hold in July jumped this week, as economic data softens and policymakers signal caution. The shift comes ahead of the Fed's next decision, due in late July. For Bitcoin, that means the easy-money narrative that boosted risk assets earlier this year is fading. The central bank's next move is suddenly less clear, and the market is pricing stillness instead of a cut — not the kind of tailwind crypto bulls were hoping for.
Bitcoin's session
BTC traded in a tight range after dipping below $67,000 in early U.S. hours. The low of $66,948 was short-lived; buying support stepped in and prices climbed back to around $67,000 by late afternoon. Volume was below average, suggesting the move was more about positioning than conviction. The $67,000 level has acted as both support and resistance in recent days.
Macro headwinds
The macro backdrop isn't helping. Broader equity markets also felt pressure from the same soft data — consumer spending and manufacturing numbers came in weaker than expected. Sector selling within crypto added to the drag, with some altcoins giving up larger chunks of their recent gains. Bitcoin's relative steadiness suggests traders aren't panicking, but they're not piling in either.
The big question now is the Fed. If the narrative shifts back toward a rate cut before July, risk assets could bounce. For now, the market is waiting — and watching $67,000.
