Bitcoin briefly hit a three-week high at the opening of trading in the US on Wednesday amid a stock rally following the announcement of a ceasefire between the US and Iran. Key points: Bitcoin reached a three-week high but quickly pulled back and lost all gains. The market couldn't sustain the momentum from the ceasefire. Traders are waiting for the price to return to higher levels. Increased volatility is expected ahead. Inflation data in the US could influence the market.

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