Bitcoin Remains Steady Near $75,000 Amidst Supply and Demand Balance

Bitcoin is maintaining its position near $75,000, encountering resistance from a significant supply wall, despite steady demand from institutional investors. This development coincides with the ongoing assessment of progress in the U.S.-Iran peace negotiations during a temporary ceasefire. The CoinDesk 20 index has seen a 1.9% increase over the past 24 hours, outpacing bitcoin's 1% gain, as reports emerge of a potential extension of the ceasefire, leading to improved risk sentiment. The value of the U.S. dollar has decreased to a near six-week low, while Treasury yields have eased, creating conditions that typically support cryptocurrency prices by reducing the appeal of holding cash. Additionally, gold prices have risen, indicating a market that is balancing risk appetite with hedging strategies. However, the global economic outlook remains uncertain due to the U.S. blockade of Iranian ports and threats to disrupt shipping routes. The onset of energy supply shocks is already influencing inflation expectations, which could lead to changes in central bank policies and have a ripple effect on cryptocurrency markets. On-chain data reveals that bitcoin supply often increases when prices reach key cost-basis levels for short-term holders, around $76,800, a level that may act as resistance as investors seek to break even.