Bitcoin Price Hits a Roadblock Below $76,000 Amid Rising Sell Orders

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 likely placed by traders seeking to short the high end of the range in anticipation of a price reversal to around $68,000, as well as those protecting against a potential breakout with associated liquidation risks above. Meanwhile, U.S. equities have reached record highs following a ceasefire between Israel and Lebanon, which appears to be ending the conflict in Iran. Having outperformed equities since the onset of the war, the crypto market is now taking a secondary role. Derivatives positioning and token trends are also worth noting.