Bitcoin (BTC) showed a downward trend on the 28th, being pushed down to the $73,000 level during intraday trading. The virtual asset market, which had recently been on a streak of breaking all-time highs, is undergoing a correction amid geopolitical risks in the Middle East and the emergence of short-term profit-taking sell-offs.

As of the 28th, according to CoinMarketCap, Bitcoin recorded a decline of more than 3% over the past 24 hours and traded around $73,250. During the day, the drop once widened to the $72,900 level. Its market capitalization fell to around $1.46 trillion, while the 24-hour trading volume hovered above $42 billion.

The market primarily attributes the decline to strengthened risk-averse sentiment following reports that the Islamic Revolutionary Guard Corps (IRGC) launched a missile attack targeting a US military base in Kuwait after the US airstrike on Iran. As concerns grow over a renewed clash between the US and Iran, volatility is expanding across the global financial markets.

In particular, the dominant analysis is that despite the recent strength of the New York Stock Exchange centered around artificial intelligence (AI) tech stocks, Bitcoin is facing compounded fatigue from its short-term gains, leading to growing profit-taking pressure. Some investors believe that short-term selling has expanded since a strong resistance level formed near $75,000.

The virtual asset market is also keeping a close eye on changes in the fund flows of spot exchange-traded funds (ETFs). This is interpreted as a weakening of upward momentum as the pace of ETF fund inflows has recently slowed. However, some parts of the market analyze that Bitcoin is still defending the $70,000 level, meaning the mid-to-long-term upward trend itself remains valid. There is also a possibility of a rebound attempt if institutional fund inflows and changes in the global liquidity environment turn favorable again.

Along with Bitcoin, major altcoins such as Ethereum (ETH), Solana (SOL), and XRP also showed simultaneous weakness, shrinking investment sentiment. The market forecasts that the Middle East situation, US interest rate outlook, and ETF fund flows will act as key variables determining Bitcoin's future direction for the time being.

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