Bitcoin It moved higher on Friday, extending gains as U.S. markets opened and risk appetite improved. The largest cryptocurrency has gained nearly 3% in the past 24 hours, extending gains that began overnight.
The last trading price was $78,722, once again approaching the $80,000 mark. Bitcoin came close to this level earlier this week but failed to break through, pulling back before buyers stepped in again.
The latest move comes as stocks rise, with U.S. stocks opening higher
Meanwhile, oil prices fell on reports that Iran had put forward new proposals aimed at restarting negotiations with the United States. The news raised hopes 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. Supply concerns have not gone away. Tehran continues to block the crucial Strait of Hormuz, while the U.S. Navy has halted exports of Iranian crude oil.
Easy headlines and continued constraints help explain the lackluster reaction in the oil market. Traders appeared cautious, weighing the likelihood of a deal against the reality of the situation.
For Bitcoin, the focus remains on whether it can finally break above $80,000, which is seen by many as a key breakthrough level. A move above this level could attract more buyers who have been waiting on the sidelines.
“I think $80,000 is a pretty big resistance… We need to move above that with confidence,” said Adrian Fritz, chief market strategist at 21shares. “Once we get above that, it could spark some momentum… and people will get back into the black, especially those who have invested recently.”
Fritz said that if Bitcoin reaches levels above $85,000, the market may start to see the first signs of a reversal.