Bitcoin Surges Past $78,000 Amid Oil Price Decline and Risk Asset Rebound
The price of Bitcoin has surpassed $78,000 on Friday, following a rebound in risk appetite globally after a sharp decline in oil prices and a relatively calm response to interest rate decisions from the US and Japan.
Bitcoin's value rose by 2.1% to $78,228 in 24 hours, while Ethereum increased by 2.6% to $2,514. XRP jumped by 2.3%, Solana surged by 6.1%, and BNB advanced by 3.5%. The overall market recovery is attributed to a broader rebound in risk assets.
According to Alex Kuptsikevich, chief analyst at FxPro, investors are 'cautiously shifting focus towards altcoins.' Despite this trend, the indicators do not yet signal an altseason. Near, Uniswap, and Aptos led the pack among the strongest performers, with gains of approximately 30%, 26%, and 18% respectively.
The rebound in Bitcoin is attributed to a reduction in oil prices and the absence of a negative reaction to interest rate hikes. The Federal Reserve raised rates by 0.25 percentage points, while the Bank of Japan increased its benchmark rate for the first time in 31 years. However, the market did not react strongly due to the anticipation of these moves.
The next resistance level for Bitcoin is around $82,000, which it had previously breached but then retreated from.