Due to the escalating tensions in Iran, Bitcoin further weakened.

The continued signs of tension between the United States and Iran have suppressed risk appetite, causing Bitcoin to continue to weaken. After US President Trump announced an extension of the ceasefire agreement with Iran, Bitcoin hit an 11-week high on Wednesday, but risk aversion sentiment resurfaced, prompting investors to take profits on Bitcoin. However, Davis Morrison of Trade Nation stated in a report that the pullback in Bitcoin has been relatively mild. "Overall, cryptocurrency performance remains strong in the current situation, given the ongoing geopolitical turmoil, its volatility has decreased." He said that Bitcoin's daily MACD indicator shows a mild appreciation, and if it breaks through and holds above $80,000, the upward momentum could strengthen. Data from the London Stock Exchange Group shows that Bitcoin fell by 1.3% to $77,472, after reaching as high as $79,480 on Wednesday.