Bitcoin Remains Steady at $75,000 as Traders Seek Profit

Bitcoin, currently at $75,263.35, is maintaining its position near $75,000 as it encounters a supply wall, despite steady institutional demand. Traders are also monitoring the progress of US-Iran peace talks during the ongoing two-week ceasefire. Over the past 24 hours, the CoinDesk 20 index has seen a 1.9% increase, outpacing bitcoin's 1% gain, amid reports of a ceasefire extension, which has improved risk sentiment. These gains coincide with a weakening US dollar, which has reached a near six-week low, and decreasing Treasury yields, conditions that typically support 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 overall outlook remains uncertain due to the US blockade of Iranian ports and Iran's threats to disrupt shipping routes in the Persian Gulf and surrounding waters, which continue to impact the global economy. The onset of energy supply shocks is already influencing inflation expectations, a factor that could lead to changes in central bank policies and have a ripple effect on cryptocurrency markets. According to on-chain data, bitcoin supply often increases when prices reach key cost-basis levels for short-term holders, around $76,800, a level that may act as resistance as investors cash out when breaking even. Derivatives positioning and token talk are also being closely watched.