Bitcoin Pulls Back to $72,500 Amid US-Iran Tensions

Bitcoin's price has pulled back to around $72,500 after nearly touching $74,000 over the last 24 hours. Analysts are divided on whether the cryptocurrency has hit bottom and can maintain support above $70,000 amid US-Iran tensions.

Crypto analyst Caleb Franzen warned that BTC's price is still below the short-term holder realized price (STHRP), which is rare during uptrends. This raises concerns about the sustainability of the rally.

However, Ted Pillows believes that as long as Bitcoin's price holds above $70,000, there's a 'decent chance' of another rally. The current rally is attributed to ETF inflows and short-covering, with open interest rising sharply and funding rates turning negative.