Bitcoin Price Hits a Roadblock Below $76,000 Amidst Rising Derivatives Activity

The bitcoin price, currently at $75,440, is struggling to break through the $76,000 mark for the third consecutive day. According to CoinGlass data, bullish traders are making gradual progress in overcoming the $450 million worth of sell orders between $75,900 and $76,300. These orders are likely placed by traders attempting to short the high end of the range in anticipation of a price drop to around $68,000, as well as those aiming to mitigate the risk of liquidation above this level. Meanwhile, US equities have reached record highs following a ceasefire between Israel and Lebanon, which appears to be bringing an end to the conflict in Iran. Having outperformed equities since the start of the war, the crypto market is now taking a backseat. Derivatives positioning and token trends are also being closely watched.