Bitcoin moved higher on Friday, extending gains as U.S. markets opened and risk appetite improved. The largest cryptocurrency is now up nearly 3% over the past 24 hours, continuing a climb that began overnight.
It was last trading at $78,722, edging closer to the $80,000 mark once again. Earlier this week, bitcoin approached that level but failed to break through, pulling back before buyers stepped in again.
The latest move comes alongside gains in equities, which opened higher in the U.S.
At the same time, oil prices slipped after reports that Iran sent a fresh proposal aimed at restarting negotiations with the United States. The news raised hopes that tensions could ease, at least in the near term.
Brent crude futures for July were down 26 cents, or 0.23%, at $107.74 a barrel. Supply concerns have not gone away. Tehran continues to block the Strait of Hormuz, a key shipping route, while the U.S. Navy is stopping exports of Iranian crude.
This mix of easing headlines and ongoing constraints helps explain the muted reaction in oil. Traders appear 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 by many seen as a key 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 chief market strategist Adrian Fritz. “Once we’re above that, it could spark some momentum… people are back in profit, especially the ones that invested more recently.”
Fritz said if bitcoin reaches a level above $85,000, the market could start to see the first signs of a reversal.