bitcoin rose on Friday, extending gains as U.S. markets opened and risk appetite improved. The largest cryptocurrency is up almost 3% in the last 24 hours, continuing a climb that began overnight.
It was last trading at $78,722, once again approaching the $80,000 mark. Earlier this week, bitcoin approached that level but failed to overcome it, retreating before buyers intervened again.
The latest move adds to gains for 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 raised hopes that tensions could ease, at least in the short term.
July Brent crude futures fell 26 cents, or 0.23%, to $107.74 a barrel. Supply concerns have not gone away. Tehran continues to block the Strait of Hormuz, a key shipping route, while the US Navy halts Iranian crude oil exports.
This combination of reassuring headlines and continued constraints helps explain oil’s muted reaction. Traders appear cautious and weigh the possibility of a deal against the reality on the ground.
For Bitcoin, the focus remains on whether it can eventually break above $80,000, which many consider a key breakout level. A push above that level could attract more buyers who have been waiting on the sidelines.
“I think $80,000 is a big resistance… we need a certain push to get above that level,” said 21shares chief market strategist Adrian Fritz. “Once we get through that, it could build some momentum…people will return to profit, 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.
