Institution: Bitcoin fell due to profit-taking and risk aversion sentiment.

Joel Kruger of LMAX Group stated that Bitcoin dropped as investors closed out their profits following a recent rally in the cryptocurrency, and investors remained cautious amidst the Middle East conflict. He mentioned that with investors covering their previous short positions on Bitcoin and momentum buying, Bitcoin broke through $70,000, and the subsequent pullback appeared to be a "natural pause." He noted that some profit-taking was expected, and broader risk-off sentiment also put pressure on Bitcoin. Despite this, Bitcoin still held above the key support level of $70,000, and the broader backdrop seemed supportive as institutional demand resurfaced, funds flowed into Bitcoin-related products, and US regulation became clearer. Data from the London Stock Exchange Group showed that Bitcoin touched a one-month high of $74,049 on Wednesday before falling 0.3% to $70,948.