Bitcoin clawed its way back toward $77,300 on Friday after a punishing 24 hours in which hotter-than-expected producer price data sent Treasury yields to multi-decade highs and pushed traders to price in a greater likelihood that the Federal Reserve will raise interest rates next week.

The largest cryptocurrency was up 0.7% since midnight UTC, trading near $77,300, though it remained 0.87% lower over a rolling 24-hour window and roughly 6% below the $82,284 peak reached last week, according to CoinDesk Indices data. The modest recovery came as crypto futures open interest fell to $59.5 billion from $62.4 billion on Wednesday, a sign that over-leveraged positions were being flushed from the market. Liquidations across the past day…