Bitcoin's Rally Hits a Roadblock Below $76,000 Amid Significant Sell Pressure

Bitcoin, currently trading at $75,440, is attempting to break through the $76,000 barrier for the third consecutive day, with bullish traders gradually whittling down $450 million worth of sell orders between $75,900 and $76,300, according to CoinGlass data. These orders are likely being placed by traders seeking to short the high end of the range in anticipation of a price drop to around $68,000, as well as those looking to defend against a potential breakout with associated liquidation risks above. US stock markets reached record highs on Thursday, following the apparent de-escalation of the conflict in Iran, after a ceasefire was announced between Israel and Lebanon. Since the onset of the conflict, the cryptocurrency market had outperformed the equities market but is now taking a backseat. Derivatives positioning indicates a cautious tone, with traders discussing market trends.