Bitcoin Fails to Break Above $77K Resistance Amid Market Volatility

Bitcoin continued its volatile trading session, struggling to sustain a breakout above $77,000. Despite breaching this resistance level briefly, it failed to maintain upward momentum and instead traded within a narrow range.

The cryptocurrency's price action led to a slight increase in value, with a 0.5% gain. This marginal rise also trimmed its weekly losses from 4.8% to 2.5%. The total crypto economy, which includes the market capitalization of all cryptocurrencies, saw an increase of over $20 billion, reaching approximately $2.66 trillion.

The modest relief rally in bitcoin's price was mirrored by a broader rebound across European and U.S. equities. This was attributed to declining oil prices, with West Texas Intermediate (WTI) falling to $97 per barrel and Brent crude plummeting nearly 6%.