Iran's threat of retaliation against Israel has led to a sell-off in risk assets, making it difficult for BTC to break through the established range in the short term

According to Wu Shuo, QCP Capital pointed out that due to Iran’s threat of retaliation against Israel, all risk assets were sold off overnight, and the market was caught off guard. Perpetual funds have fallen into negative territory, over -40%, their highest level this year. Negative perpetual funds have also crushed the forward curve, with the front end currently below 10%. Although the BTC halving is still about a week away, it may be difficult for BTC to break out of this established range (64k-73k) in the short term.