Markets continue to factor in the geopolitical risk linked to tensions between the United States and Iran. Oil ($CL) remains the main beneficiary of this risk premium, after rising by more than 7% over the week. Bitcoin, for its part, has indeed fallen back, but its correction remains relatively contained. Prospects for a ceasefire have receded, suggesting that further negotiation phases may be needed before a durable agreement can be reached. That said, I feel the market is gradually starting to price in this scenario. Each new headline related to the conflict seems to trigger a less pronounced reaction than before. If this reading is correct, $BTC could now move into an accumulation or consolidation phase, pending a new macroeconomic catalyst. This is the scenario I consider most likely today. #BTC Price Analysis# #Macro Insights#