U S 10 Year Treasury Yield

Bitcoin enters the July 29, 2026 Federal Reserve decision facing an unusually unsettled macro backdrop. Traders are watching whether policymakers deliver a surprise rate increase, lean hawkish, or downplay inflation risks despite rising oil prices and firming bond yields.

Bitcoin has rebounded this month as traders reassessed U.S. interest-rate risks after softer inflation commentary and weaker job growth. But a surge in Japanese government bond yields is pushing global borrowing costs higher, threatening to curb appetite for non-yielding risk assets such as BTC.