Analysis: The key resistance level for Bitcoin is $76,800, or it may face short-term investor profit-taking.

Mars Finance news: On April 16, according to CoinDesk, Bitcoin is currently hovering around $75,000. The price faces supply pressure, but institutional demand remains steady. Market sentiment is boosted by news that the ceasefire between the US and Iran has been extended. The US dollar has fallen to a nearly six-week low, and US Treasury yields have declined in tandem. Such conditions typically provide support for the prices of cryptocurrencies. Gold has also risen at the same time, showing that the market is seeking a balance between risk appetite and safe-haven demand.

On-chain data shows that when prices reach the key cost-basis level for short-term holders, Bitcoin often sees increased supply. That level is around $76,800 and may form an important resistance. At that point, investors may choose to take profits when they break even. Morgan Stanley’s newly established MSBT Fund, thanks to the lowest market fees, quickly attracted more than $100 million in capital, prompting a new round of competition among rivals such as Goldman Sachs.

Meanwhile, the US’s blockade of Iranian ports and threats to disrupt Persian Gulf shipping continue to cast a shadow over the global economic outlook. Energy supply shocks have already begun to push up inflation expectations, which may affect central bank policy directions and, in turn, ripple into the cryptocurrency market.