Bitcoin, currently valued at $79,707.35, experienced an upward trend on Friday as the US markets opened and investor appetite for risk increased. Over the past 24 hours, the largest digital currency has seen a gain of nearly 3%, extending its overnight climb. It recently traded at $78,722, inching closer to the $80,000 threshold once more.
Earlier in the week, bitcoin approached this level but was unable to break through, retreating before buyers intervened again. The recent move coincides with gains in the stock market, which saw an increase as US trading began. Meanwhile, oil prices have decreased due to reports of Iran submitting a new proposal to restart negotiations with the US, sparking hopes of easing tensions in the short term. Brent crude futures for July dropped 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 halting Iranian crude exports, the news of potential talks has led to a muted reaction in the oil market. Traders appear cautious, weighing the possibility of an agreement against the current situation. For bitcoin, the main focus is on whether it can finally surpass the $80,000 mark, which many consider a crucial breakthrough level. Exceeding this level could attract more buyers who have been waiting on the sidelines.
According to 21shares chief market strategist Adrian Fritz, 'A confident push through the $80,000 level is needed... once we're above that, it could spark momentum...
people will be back in profit, especially recent investors.' Fritz added that if bitcoin reaches a level above $85,000, the market may start to see signs of a reversal.