Bitcoin’s price (BTC) continues to hover around $80,000 U.S. as stocks advance on strong quarterly earnings reports from leading technology companies.
The largest cryptocurrency by market capitalization rose nearly 3% over the weekend to trade at
$78,650 U.S., edging closer to the $80,000 U.S. resistance level.
Over the past week, Bitcoin hit $80,000 U.S. only to quickly retreat, pulling back before buyers stepped in. Analysts say that BTC needs to rise above $80,000 U.S. to rally higher.
The entire cryptocurrency market has been getting a lift in recent days from strong gains in stocks, which have increased investors’ risk appetite.
U.S. equity indexes are at all-time highs following strong earnings prints from technology companies such as Apple (AAPL), Alphabet (GOOGL), and Amazon (AMZN).
At the same time, oil prices have dipped on reports that Iran sent a fresh proposal aimed at restarting peace talks with the U.S.
Still, for Bitcoin, the focus remains on whether it can finally clear the $80,000 U.S. hurdle, which many see as a key resistance level.
Analysts say a push above $80,000 U.S. would likely draw in more buyers who have been waiting on the sidelines for the crypto winter that began last autumn to end decisively.
BTC appears to have bottomed around $60,000 U.S. in February of this year.
