Bitcoin Price Struggles to Break $76,000 Barrier Amid Significant Sell Pressure

At $75,440, bitcoin is making its third attempt to breach the $76,000 mark, 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 primarily placed by traders seeking to short the high end of the range in anticipation of a downturn to around $68,000, as well as those protecting against a potential breakout with associated liquidation risks above. Meanwhile, U.S. equities reached record highs on Thursday following a ceasefire between Israel and Lebanon, suggesting the conflict in Iran may be subsiding. Having outperformed equities since the onset of the war, the crypto market is now taking a secondary role. Derivatives positioning and market sentiment are key factors to watch in this scenario.