Bitcoin Tests $80,000 Resistance Amid Geopolitical Thaw and Risk-On Sentiment

Bitcoin (BTC) continued its upward trajectory on Friday, trading near $78,722 as U.S. markets opened with a positive bias. The cryptocurrency has gained nearly 3% over the last 24 hours, renewing its attempt to breach the critical $80,000 psychological resistance level after failing to do so earlier in the week. This move coincides with a broader risk-on environment in the equity markets. For Bitcoin, the $80,000 mark is viewed by analysts as a pivotal breakout point. According to 21shares chief market strategist Adrian Fritz, a confident push through this level could trigger significant momentum, potentially leading to a market reversal if prices climb above $85,000. In the commodities space, Brent crude futures for July declined by 0.23% to $107.74 per barrel. The dip follows reports that Iran has submitted a fresh proposal to restart negotiations with the U.S., sparking hopes for a reduction in regional tensions in the near term. Despite the diplomatic optimism, the oil market remains cautious. Structural constraints persist, including Tehran's continued blockade of the Strait of Hormuz and U.S. Navy interventions preventing Iranian crude exports. This tension between diplomatic hope and operational reality has kept the price reaction muted as traders weigh the likelihood of a deal against ground realities.