Bitcoin Holds Near $78,000 Amid Rising Oil Prices and Geopolitical Tensions
Bitcoin traded near $78,000 on Monday as it consolidated following its recent rally.
The cryptocurrency's price has been supported by continued strength in institutional demand, with spot Bitcoin exchange-traded funds recording weekly net inflows of $924.48 million as of Friday.
This marks the second consecutive week of strong inflows, which could provide additional support for Bitcoin prices in the coming period.
However, escalating tensions in the Middle East and rising oil prices are weighing on investor appetite for riskier assets, potentially limiting Bitcoin's ability to extend its gains.