Bitcoin Remains Steady Near $75,000 as Investors Seek Profit

Bitcoin, currently valued at $75,273.87, continues to hover near the $75,000 mark as it encounters a supply barrier, despite steady institutional buying, with market participants closely monitoring progress in US-Iran peace negotiations during the ongoing two-week ceasefire. The CoinDesk 20 index has seen a 1.9% increase over the past 24 hours, outpacing bitcoin's 1% gain, as reports of a ceasefire extension boost risk appetite. A weaker US dollar, which has hit a near six-week low, and declining Treasury yields are also supporting crypto prices by reducing the appeal of holding cash. Gold prices have risen as well, indicating a balance between risk appetite and hedging demand. However, tensions persist due to the US blockade of Iranian ports and threats to disrupt shipping, which could impact the global economy and lead to energy supply shocks, influencing inflation expectations and central bank policies. On-chain data reveals that short-term bitcoin holders tend to sell when prices reach key cost-basis levels, around $76,800, which may act as a resistance level as investors seek to break even.