Analysis: Bitcoin's key resistance level is $76,800, facing potential profit-taking by short-term investors

BlockBeats News, April 16th. According to CoinDesk, Bitcoin is currently hovering around $75,000, facing selling pressure but with stable institutional demand. Market sentiment was boosted by the news of a US-Iran ceasefire extension. The US dollar fell to a near six-week low, and bond yields also retreated, conditions that typically support cryptocurrency prices; gold also rose in tandem, indicating a market seeking a balance between risk appetite and safe-haven demand.

On-chain data shows that when the price hits a key cost threshold for short-term holders, Bitcoin often experiences a supply surge, with this level at around $76,800, potentially forming a significant resistance where investors may choose to take profits upon breaking even. The newly established MSBT fund under Morgan Stanley quickly attracted over $100 million in funds with the market's lowest fees, prompting competitors like Goldman Sachs to initiate a new round of competition.

Meanwhile, the US blockade of Iranian ports and Iran's threats to disrupt Gulf shipping continue to cast a shadow over the global economic outlook. Energy supply shocks have begun to raise inflation expectations, which could affect central bank policy direction, subsequently impacting the cryptocurrency market.