Bitcoin's Rally Halted Below $76,000 Amid Significant Sell Pressure

Bitcoin, currently trading at $75,440, is attempting to break through the $76,000 threshold for the third consecutive day, with bullish traders gradually eroding the $450 million worth of sell orders positioned between $75,900 and $76,300, according to CoinGlass data. These orders are likely being placed by traders seeking to short the high end of the range in anticipation of a potential reversal to around $68,000, as well as those seeking to defend against a breakout with associated liquidation risks above. US equities reached record highs on Thursday, following the apparent de-escalation of the conflict in Iran, marked by a ceasefire between Israel and Lebanon. The cryptocurrency market, which had outperformed equities since the onset of the conflict, is now taking a secondary role. Derivatives positioning Token talk