On Friday, the price of Bitcoin (BTC) rose to $78,504.55, building on previous gains as US markets opened and investor appetite for risk increased. With a 3% rise over the past day, the largest digital currency continues its upward trend that started overnight.
It recently traded at $78,722, inching closer to the $80,000 threshold once more. Earlier in the week, Bitcoin approached this level but was unable to break through it before buyers intervened again.
This recent surge coincides with the rise in stock prices on the US market. At the same time, oil prices have dropped due to reports of Iran's proposal to restart negotiations with the US, sparking hopes of easing tensions in the short term. July Brent crude futures decreased by 26 cents, or 0.23%, to $107.74 per barrel. Despite this, supply concerns persist as Tehran blocks the Strait of Hormuz, a crucial shipping route, while the US Navy prevents Iranian crude exports.
The combination of easing headlines and ongoing supply constraints contributes to the muted response in oil prices, with traders exercising caution as they weigh the possibility of a deal against the current situation. The main focus for Bitcoin remains on whether it can finally surpass the $80,000 mark, which many consider a crucial breakout level. If Bitcoin can push past this level, it may attract more buyers who have been waiting on the sidelines.
According to 21Shares Chief Market Strategist Adrian Fritz, 'I believe $80,000 is a significant resistance level... we need a confident push through that level. Once we're above that, it could generate some momentum... people will be back in profit, especially those who invested more recently.' Fritz added that if Bitcoin reaches a level above $85,000, the market may start to see the first signs of a reversal.