Bitcoin Remains Steady at $75,000 Amid Institutional Demand and Supply Pressure

Bitcoin is currently trading at $74,857.16, maintaining its position near $75,000 as it encounters resistance from a substantial supply wall, despite ongoing institutional buying interest. This development coincides with the progress in U.S.-Iran peace negotiations during a two-week ceasefire period. The CoinDesk 20 index has seen a 1.9% increase over the past 24 hours, outpacing bitcoin's 1% gain, as reports emerge of a potential ceasefire extension, thereby improving risk sentiment. The uptrend is also supported by a weakening U.S. dollar, which has reached a near six-week low, and declining Treasury yields, conditions that typically bolster cryptocurrency prices by reducing the appeal of holding cash. Additionally, gold prices have risen, indicating a market that is balancing risk appetite with hedging demand. However, the global economic outlook remains uncertain due to the U.S. blockade of Iranian ports and Iran's threats to disrupt shipping routes. These tensions have already led to energy supply shocks, contributing to inflation expectations, which could influence central bank policies and have a ripple effect on crypto markets. On-chain data reveals that bitcoin supply often increases when prices approach key cost-basis levels for short-term holders, around $76,800, a level that may act as resistance as investors seek to break even.