Bitcoin Price Struggles to Break $76,000 Barrier Amid Significant Sell Orders

At $75,440, bitcoin is making its third attempt to breach the $76,000 mark, with bulls 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 aiming to short the high end of the range in anticipation of a downturn to around $68,000, as well as by those protecting against a potential breakout with associated liquidation risks above. Meanwhile, U.S. equities reached new heights on Thursday as the conflict in Iran seems to be subsiding following a ceasefire between Israel and Lebanon. After outperforming equities since the onset of the war, the crypto market is now taking a secondary role. Derivatives positioning and market sentiment are key factors to watch in this scenario.