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Over the past week, Bitcoin has traded sideways in the high $70,000 region, unable to reclaim the psychological $82,000 level that has eluded market bulls since mid-May. Notably, the $76,000 price level has now been tested three weeks in a row and held each time, emerging as a real support zone.

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Bitcoin's transaction volume is falling alongside its price. At first glance, that sounds bearish because weak activity is usually a result of weak demand, lower participation, and a lack of momentum.

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The Bitcoin price is back above the psychological $75,000 level after briefly dipping below it earlier in the day. BTC's rebound above this level comes on the back of reports that the U.S.-Iran ceasefire could soon extend for up to 60 days.

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Bitcoin price crashed below $75,000 after intense selling pressure weakened sentiment across the broader cryptocurrency market. Overall, the broader crypto market also tumbled significantly and is currently trading at close to $2.5 trillion.