Bitcoin's rally to new three-week highs above $72,000 proved short-lived as the cryptocurrency began to shed gains. The initial surge was fueled by news of a ceasefire agreement between the US and Iran, which also boosted stock markets and sent oil prices lower.

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The relief rally saw the S&P 500 jump significantly, and WTI crude oil declined. Analysts noted that while a ceasefire eased immediate geopolitical tensions, traders are now looking for sustained upward momentum in Bitcoin and other risk assets.

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Market participants expressed cautious optimism, emphasizing the need for Bitcoin to hold key support levels around $69,500 to maintain a bullish structure. Attention now shifts to upcoming US inflation reports, which are expected to introduce further volatility.

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