Bitcoin Price Plateaus Below $76,000 Amid Strong 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 eroding the $450 million worth of sell orders between $75,900 and $76,300, according to CoinGlass data. These orders are primarily placed by traders seeking to short the range-high in anticipation of a potential reversion to around $68,000, as well as those protecting against a breakout with associated liquidation risks above. US equities reached record highs on Thursday, following the apparent de-escalation of the conflict in Iran, marked by a ceasefire between Israel and Lebanon. The cryptocurrency market had outperformed equities since the onset of the conflict but is now taking a secondary role. Derivatives positioning indicates a cautious stance, with token performance also under scrutiny.