Since the Iran conflict erupted on February 28, Bitcoin has rallied 14%, outperforming both the MSCI World Index and gold. Analysts attribute this resilience to institutional buying and put option covering, with Deribit data showing $1.5 billion worth of put options at the $60,000 strike price. However, analysts warn this rally may only be a bear market bounce that could fizzle out in April unless key resistance levels are broken, and could deteriorate further in August.

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