Bitcoin rose on Friday, extending its gains as U.S. markets opened and risk appetite improved. The largest cryptocurrency is now up nearly 3% in the past 24 hours, continuing a rise that began overnight.
It last traded at $78,722, once again inching closer to the $80,000 mark. Earlier this week, bitcoin approached this level but failed to breach it, retreating before buyers stepped in again.
This latest move is accompanied by gains in stocks, which opened higher in the United States.
At the same time, oil prices fell after reports that Iran had sent a new proposal to restart negotiations with the United States. The news raised hopes that tensions could ease, at least in the short term.
Brent crude futures for July were down 26 cents, or 0.23%, at $107.74 a barrel. Supply problems have not disappeared. Tehran continues to block the Strait of Hormuz, a key shipping route, while the US Navy shuts down exports of Iranian crude.
This mix of easing news and lingering constraints helps explain oil’s muted response. Traders appear cautious, weighing the chances of a deal against the reality on the ground.
For Bitcoin, the focus remains on whether it can finally reach $80,000, which is considered by many to be a key breakout level. A surge above this level could attract more buyers who have been waiting on the sidelines.
“I think $80,000 is real resistance…we need a confident push to break through that level,” said Adrian Fritz, 21shares chief market strategist. “Once we get past that threshold, that could trigger some momentum… people are getting back into profits, especially those who invested more recently.”
Fritz said that if bitcoin reaches a level above $85,000, the market could start to see the first signs of a reversal.
