On Friday, the price of Bitcoin (BTC) rose to $78,273.84, building on gains as US markets opened and investor appetite for risk increased. The largest digital currency has now gained almost 3% in the last 24 hours, continuing its upward trend that started overnight.
It was trading at $78,722, inching closer to the $80,000 threshold 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 comes as equity markets also rise.
Meanwhile, oil prices have fallen following reports that Iran has proposed a new plan to restart negotiations with the US, sparking hopes of easing tensions. Brent crude futures for July fell by 26 cents, or 0.23%, to $107.74 a barrel. Despite this, supply concerns persist, with Tehran continuing to block the Strait of Hormuz and the US Navy stopping Iranian crude exports. The combination of easing headlines and ongoing constraints has led to a muted reaction in the oil market, with traders cautiously weighing the possibility of a deal against the current situation.
For Bitcoin, the focus remains on whether it can finally break through the $80,000 level, seen by many as a key threshold. If it can push above this level, it may 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 we're above that, it could spark some momentum... people are 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.