Reasons for today's Bitcoin decline: 1. Geopolitical tensions in the Middle East suggest a possible renewed conflict between the U.S. and Iran. 2. Technical resistance: Bitcoin failed to break above the daily MA120. 3. Leveraged positions were liquidated—after such a prolonged rally, it was time for long positions to be wiped out. No, no, no—none of these are the main reasons. The real cause: today Hong Kong hosted its Web3 conference, and whenever this event occurs, Bitcoin falls—it’s become a curse.
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