Bitcoin, with a current value of $78,323.62, continued its upward trend on Friday as US markets opened and investor appetite for risk improved. The leading cryptocurrency has now seen a nearly 3% increase over the past 24 hours, extending its overnight gains. It was last traded at $78,722, moving closer to the $80,000 mark once again. Earlier in the week, bitcoin approached this level but was unable to break through, pulling back before buyers intervened again.
The latest move is accompanied by gains in the stock market, which opened higher in the US. At the same time, oil prices have dropped following reports that Iran has sent a new proposal to restart negotiations with the US, raising hopes of easing tensions in the near term. Brent crude futures for July were down 26 cents, or 0.23%, at $107.74 a barrel. Although supply concerns persist, with Tehran blocking the Strait of Hormuz and the US Navy stopping Iranian crude exports, the mix of easing headlines and ongoing constraints has contributed to the muted reaction in oil.
Traders appear cautious, weighing the possibility of a deal against the current situation. For bitcoin, the focus remains on whether it can finally surpass $80,000, a level widely regarded as a key breakout point. A push above this level could attract more buyers who have been waiting on the sidelines. According to 21shares chief market strategist Adrian Fritz, 'I think $80,000 is quite a resistance level...
we need a confident push through that level.' Fritz added, 'Once we're above that, it could spark some momentum... people are back in profit, especially those who invested more recently.' He also stated that if bitcoin reaches a level above $85,000, the market could start to see the first signs of a reversal.