On Friday, the price of Bitcoin rose, building on the gains made as the US markets opened and investor appetite for risk increased. The world's largest digital currency has now seen a gain of almost 3% over the last 24 hours, extending the upward trend that started overnight. It was trading 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, before buyers stepped in again to drive the price back up. The recent move upwards coincides with gains in the stock market, which saw a strong opening in the US. At the same time, oil prices have fallen following reports that Iran has submitted a new proposal aimed at restarting negotiations with the US, raising hopes of easing tensions in the near term. Brent crude futures for July fell by 26 cents, or 0.23%, to $107.74 per barrel.
Although supply concerns persist, with Tehran blocking the Strait of Hormuz and the US Navy stopping Iranian crude exports, the news has led to a muted reaction in the oil market. Traders appear cautious, weighing the possibility of a deal against the current situation on the ground. For Bitcoin, the focus remains on whether it can finally break through the $80,000 level, which many see as a key threshold. A successful 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 a significant level of resistance... we need a confident push through that level. Once we're above that, it could spark 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.