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

Bitcoin, currently trading at $75,440, 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 likely placed by traders seeking to short the range-high in anticipation of a price drop to around $68,000, as well as those looking to mitigate potential losses from a breakout above this level. US equities achieved record highs on Thursday, following the apparent de-escalation of the Iran conflict after a ceasefire between Israel and Lebanon was announced. The crypto market, which outperformed equities at the start of the conflict, is now taking a more subdued approach. Derivatives positioning and market sentiment are key factors influencing the current price movement.