Bitcoin rose to the $78,000 range on the back of strong results from major U.S. technology companies.

CoinDesk, a blockchain media outlet, reported on Friday that results from Apple, Alphabet, Microsoft, Meta and Amazon eased market unease, lifting risk assets such as stocks and cryptocurrencies together.

Apple improved broader investor sentiment. Alphabet, Microsoft, Meta and Amazon, which reported earlier, all posted double-digit revenue growth. As expectations for AI-driven growth regained traction, investment funds flowed into stocks and cryptocurrencies, but an assessment said the rebound looked more like relief buying than the start of a new bull market.

Near-term market burdens remain. Mercado Bitcoin assessed that the market faces both short-term pressure and structural factors moving in different directions, including weaker expectations for rate cuts, outflows from exchange-traded funds (ETFs) and rising geopolitical risks. More than $400 million flowed out of spot bitcoin ETFs in late April, and oil prices surged. Still, cryptocurrency prices showed resilience this week.

Rising oil prices are cited as a factor that could stoke inflation. If conflict with Iran and disruptions in the Strait of Hormuz push crude prices higher, central banks could become more cautious about cutting interest rates. That could raise the appeal of cash and bonds and weigh on risk assets such as bitcoin.

Bitcoin's key resistance level was put at $80,000. A break above that range could attract fresh buying, but failure to break through could increase selling pressure through the liquidation of leveraged long positions. Early signals of bullish divergence appeared on the weekly chart, but they have not yet been confirmed on a weekly closing basis.

If it fails to rise above $80,000, bitcoin could continue to trade in a range between the 200-day exponential moving average around $68,000 and $80,000.