Bitcoin rose in value on Friday, continuing its upward momentum as U.S. markets opened and risk appetite improved. The largest cryptocurrency is now up nearly 3% over the past 24 hours, continuing the upward movement that began overnight, coindesk.com wrote.
It was last trading at $78,722, once again approaching the $80,000 mark. Earlier this week, bitcoin reached that level but failed to overcome it, retreating before buyers intervened again.
The latest move coincides with a rally in stocks that began in the US.
At the same time, oil prices fell after reports that Iran has sent a new proposal aimed at restarting talks with the United States. This news raised expectations of easing tensions, at least in the short term.
Brent crude futures for delivery in July fell 26 cents, or 0.23%, to $107.74 a barrel. Supply issues remain pressing. Tehran continues to block the Strait of Hormuz, a key route for transportation, while the U.S. Navy is stopping Iranian oil exports.
This combination of softening news and continued restrictions helps explain the subdued reaction in the oil market. Traders are cautious, weighing the chances of a deal against the reality of the situation.
For bitcoin, the focus remains on whether it can finally break above the $80,000 mark, which many see as a key breakout level. A breakout above that level could attract new buyers who have previously been on the sidelines.
“I believe the $80,000 level is significant resistance … we need a solid break through that,” said 21shares chief market strategist Adrian Fritz. “Once we get past it, it could generate some momentum … people will come out in profit again, especially those who have invested recently.”
Fritz said that if bitcoin reaches above $85,000, the market could start to show the first signs of a reversal.
