On Friday, the price of Bitcoin (BTC) rose to $78,698.05, building on gains as US markets opened and investor appetite for risk increased. With a nearly 3% rise over the past 24 hours, the largest cryptocurrency continues its upward trend that started overnight.
It last traded at $78,722, inching closer to the $80,000 mark once more. Earlier in the week, Bitcoin approached this level but was unable to break through, pulling back before buyers stepped in again. The latest move coincides with gains in the stock market, which opened higher in the US. At the same time, oil prices fell after reports emerged that Iran had submitted a new proposal aimed at restarting negotiations with the US, raising hopes that tensions could ease in the near term.
Brent crude futures for July were down 26 cents, or 0.23%, to $107.74 a barrel. Although supply concerns persist, with Tehran blocking the Strait of Hormuz, a key shipping route, and the US Navy halting exports of Iranian crude, the news has led to a 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 seen by many 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.' Once above that, it could spark momentum, as people who invested more recently will be back in profit. Fritz added that if Bitcoin reaches a level above $85,000, the market may start to see the first signs of a reversal.