Bitcoin on-chain indicators remain weak, recovery depends on US-Iran peace agreement

According to Odaily, LVRG Research director Nick Ruck stated that although Bitcoin recently regained the $67,000 level, its momentum remains weak, with declining trading volumes and stagnant on-chain indicators, indicating an insufficient recovery.

U.S. President Donald Trump said on Sunday that the United States has reached a peace agreement with Iran to end months of ongoing conflict, with the agreement expected to be signed on Friday. Many details of the deal remain unknown, but Trump stated that the agreement will keep the Strait of Hormuz open, the United States will lift the blockade on the strait and Iranian ports, and the two countries will conduct 60 days of negotiations on Iran's nuclear program and potential sanctions relief.

Swissblock said on Monday that Bitcoin price momentum and energy flow indicators remain in a "weak momentum and weak participation" state. Although Bitcoin rebounded to $67,000 on Monday after dropping below $60,000 on June 6, price momentum is still at -1, and OBV has fallen to a multi-year low of -1.7 million. (Cointelegraph)