Bitcoin Price Stalls Below $76,000 Amid Significant Sell Pressure

The bitcoin price, currently at $74,471.57, is attempting to break the $76,000 mark for the third consecutive day, trading at $75,440. Bullish traders are gradually eroding the $450 million worth of sell orders positioned between $75,900 and $76,300, according to CoinGlass data. These orders are placed by traders who are either shorting the high end of the range in anticipation of a reversal to around $68,000 or protecting against a potential breakout with associated liquidation risks above. Meanwhile, U.S. equities reached record highs on Thursday as the conflict in Iran seems to be subsiding following a ceasefire between Israel and Lebanon. The cryptocurrency market, which outperformed equities since the onset of the war, is now taking a secondary role. Derivatives positioning and market sentiment are key factors to watch in this scenario.