Bitcoin Price Plateaus Below $76,000 Amid Significant Sell Pressure

The bitcoin price, currently at $75,440, is being tested at the $76,000 level for the third consecutive day. Bullish traders are gradually eroding the $450 million worth of sell orders situated between $75,900 and $76,300, according to CoinGlass data. These orders are primarily placed by traders attempting to short the high end of the range in anticipation of a potential reversion to around $68,000, as well as those seeking to mitigate the risk of liquidation above this level. Meanwhile, U.S. equities have reached record highs on Thursday, following the apparent de-escalation of the conflict in Iran after a ceasefire was declared between Israel and Lebanon. Having outperformed equities since the onset of the conflict, the crypto market is now taking a backseat. Additionally, derivatives positioning and token-related discussions are also relevant factors to consider.