On Friday, Bitcoin saw an uptick, extending its gains as the US market opened and risk appetite improved, with the cryptocurrency now up nearly 3% over the past 24 hours, continuing its overnight climb. It was trading at $78,722, inching 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 stepped in again.
The recent move coincides with gains in equities, which saw a higher opening in the US. Meanwhile, oil prices fell following reports that Iran had sent a new proposal to restart negotiations with the US, raising hopes of easing tensions. Brent crude futures for July dropped 26 cents, or 0.23%, to $107.74 a barrel. Despite supply concerns, Tehran's blockage of the Strait of Hormuz and the US Navy's halt on Iranian crude exports, the reaction in oil has been muted, with traders cautiously weighing the possibility of a deal against the current situation.
For Bitcoin, the focus remains on breaking through the $80,000 level, seen by many as a key point of resistance. A push above this level could attract more buyers who have been waiting on the sidelines.
According to 21shares chief market strategist Adrian Fritz, "$80,000 is quite a resistance... we need a confident push through that level. Once we're above that, it could spark some momentum... people are back in profit, especially the ones that invested more recently." Fritz added that if Bitcoin reaches a level above $85,000, the market could start to see the first signs of a reversal.