Bitcoin is currently trading at $71,067, reflecting a 0.7% decline over the last 24 hours, following a recent peak of $73,800. The cryptocurrency's price action comes amid escalating tensions in the Middle East, particularly after the announcement of a blockade in the Strait of Hormuz by the U.S. This has prompted profit booking among traders, according to Akshat Siddhant, Lead Quant Analyst at Mudrex. Despite this pullback, analysts maintain a bullish outlook, noting strong whale activity and reduced sell pressure, with exchange inflows dropping to $5 billion over the past two months. The global crypto market cap has also seen a slight decline, now at $2.42 trillion. Analysts from CoinDCX and CoinSwitch highlight that while Bitcoin is currently in a consolidation phase, the overall market sentiment remains cautious as investors keep a close watch on geopolitical developments and market volatility.