Bitcoin's Rally Loses Momentum Below $76,000 Due to Strong Sell Wall

Bitcoin, currently at $75,440, is struggling to break through the $76,000 mark for the third consecutive day. According to CoinGlass data, bullish investors continue to challenge the $450 million worth of sell orders positioned between $75,900 and $76,300. These orders are primarily placed by traders seeking to short the high end of the range in anticipation of a downturn to around $68,000, as well as those protecting against a potential breakout with associated liquidation risks above. Meanwhile, U.S. equities have reached new heights following the ceasefire between Israel and Lebanon, which appears to signal the end of the conflict in Iran. Notably, the cryptocurrency market had outperformed equities since the onset of the war but is now taking a secondary role. Derivatives positioning is also worth noting, with market participants adopting a cautious stance.