Bitcoin Surges Above $80,000 as Risk-On Sentiment Returns

Bitcoin (BTC) broke above $80,000 on Friday, fueled by growing risk-on sentiment in the broader crypto market. The price move comes after regulatory headwinds from the CLARITY Act in the US Senate and a 25-basis-point interest rate hike by the Federal Reserve.

The Commodity Futures Trading Commission (CFTC) filed its crypto asset rulemaking framework with the White House for review, lifting sentiment in the market. The move is seen as a positive development, with both the CFTC and Securities and Exchange Commission (SEC) presenting themselves as capable agencies to regulate the crypto industry.

Gold (XAU/USD) remains relatively elevated near $4,350, trading above both the 50-day and 200-day Exponential Moving Averages. The metal's neutral-to-bullish outlook is expected to continue, with bulls targeting higher structural support levels.

In terms of technical analysis, Bitcoin faces heavy supply towards $82,000, an area that has repeatedly capped rallies over recent weeks. Immediate support lies at the intraday pivot around $80,000, followed by this week's primary demand area at $75,000.