Bitcoin moved higher on Friday, extending gains as US markets opened and risk appetite improved. The largest cryptocurrency is now up nearly 3% over the past 24 hours, continuing a rise that began overnight.
It last traded at $78,722, again approaching $80,000. Earlier this week, bitcoin approached that level but failed to break through and pulled back before buyers stepped in again.
The latest move comes alongside gains in stocks, which opened higher in the US
At the same time, oil prices fell after reports that Iran sent a new proposal aimed at restarting negotiations with the United States. The news gave hope that tensions could ease, at least in the short term.
Brent crude futures for July fell 26 cents, or 0.23%, to $107.74 a barrel. barrel. Concerns about the supply have not disappeared. Tehran continues to block the Strait of Hormuz, a key shipping route, while the US Navy halts the export of Iranian crude oil.
This mix of light headlines and ongoing constraints helps explain the muted response in oil. Traders seem cautious, weighing the chance of a deal against the reality on the ground.
For bitcoin, the focus remains on whether it can finally clear $80,000, which is seen by many as an important breakout level. A push above that level could draw in more buyers who have been waiting on the sidelines.
“I think $80,000 is quite a resistance … we need a confident push through that level,” said 21shares market strategist Adrian Fritz. “Once we get over that, it can kick off something… people are back in profit, especially those who invested recently.”
Fritz said that if bitcoin reaches a level above $85,000, the market may begin to see the first signs of a reversal.
