The recent escalation of tensions between the US and Iran has caused the US dollar to rise for two consecutive days, marking the largest two-day gain in nearly a year.

A strong dollar = risk assets come under pressure.
Historically, during the initial stages of geopolitical conflicts, funds tend to flow into the US dollar for safe-haven purposes, and $BTC often experiences a short-term pullback.
However, it is worth noting that this safe-haven sentiment is almost always fleeting. Once the market digests the war premium, some funds will start to seek out inflation-hedging assets.
And at that time, funds related to Bitcoin should be able to come back.