Bitcoin Trades Above $77K Amid Oil Price Drop

Bitcoin is trading above $77,000, buoyed by a 5% drop in oil prices and a rally in Asian equities, according to CoinDesk. The leading cryptocurrency is holding above its 50-day moving average, a key level monitored by traders. Other major cryptocurrencies like XRP, Solana (SOL), and Ether (ETH) also saw gains but remain below their respective 50-day averages. The oil price decline follows reports of a potential reopening of the Strait of Hormuz, a critical oil chokepoint. Despite the positive sentiment, caution persists due to over $2 billion in ETF outflows in the past two weeks.