Bitcoin (BTC) is struggling to maintain its upward momentum as it nears the $78,000 mark, facing renewed selling pressure from US traders. This trend follows a bearish sentiment in the broader market, particularly ahead of Nvidia's anticipated Q1 earnings report, which many view as a critical event for tech stocks and the S&P 500 index. The S&P 500 fell by 1.3% before rebounding, as traders remain cautious amidst macroeconomic uncertainties, including inflation risks linked to the ongoing US-Iran conflict.

The Coinbase Premium Index, which measures the price difference between Bitcoin on Coinbase and Binance, has dropped to its lowest levels since February, indicating a lack of bullish sentiment. Currently, the Coinbase Premium Gap stands at -$66.8, suggesting Bitcoin is trading at a lower price on Coinbase compared to Binance, even as its price hovers around $77,200. Analysts note that this widening gap is significant, as it contrasts with previous lower price levels. Additionally, Bitcoin has closed below the 21-week exponential moving average for the first time since late April, potentially indicating new resistance levels for future price movements.