Bitcoin On-Chain Metrics Remain Weak, Recovery Depends on US-Iran Peace Agreement

Nick Ruck, Director of LVRG Research, stated that although Bitcoin has recently reclaimed the $67,000 level, its momentum remains weak, with declining volume and stagnant on-chain metrics indicating insufficient recovery strength. US President Donald Trump said on Sunday that the United States has reached a peace agreement with Iran to end months of conflict, and the agreement is expected to be signed on Friday. Many details of the agreement remain unknown, but Trump stated that the deal will open the Strait of Hormuz, the US will lift the blockade on the strait and Iranian ports, and the two countries will then enter 60 days of negotiations regarding Iran's nuclear program and potential sanctions relief. Swissblock said on Monday that Bitcoin's price momentum and On-Balance Volume (OBV) indicator remain in a state of "weak momentum and weak participation." Although Bitcoin rebounded to $67,000 on Monday after falling below $60,000 on June 6, the price momentum is still at -1, and the OBV has dropped to a multi-year low of -1.7 million. (Cointelegraph)