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Analyst: Bitcoin's recovery depends on the US-Iran agreement; currently, on-chain momentum remains weak.

MarsBitNews
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Mars Finance News, according to Cointelegraph reports, analysts say Bitcoin's recovery depends on the success of the US-Iran peace agreement, on-chain data shows that despite recent rebounds, Bitcoin still appears weak. LVRG Research Director Nick Ruck stated that although Bitcoin briefly recovered to $67,000, "momentum remains weak, trading volume has declined, and on-chain indicators are stagnant, indicating a lack of confidence in the rebound that could quickly fade." If the US-Iran ceasefire agreement breaks down, Bitcoin will face a "volatility path," possibly initially gaining buying interest as a hedge asset, then being pushed toward key support levels by broader risk-averse sentiment. Swissblock stated on Monday that Bitcoin's price momentum and OBV indicators remain in a state of "weak momentum and low participation," both negative. The price momentum indicator is -1, and OBV is 1.7 million, at multi-year lows. Swissblock pointed out that in a typical bear market, momentum first weakens, followed by OBV contraction, and price breakdown. Historical data shows that stronger recovery signals appear when both turn positive, but "the risk of testing lows again still exists" before that.
BTC1.93%
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