Bitcoin On-Chain Momentum Remains Weak, Recovery Hinges on U.S.-Iran Peace Deal: Analysts

BTC-2.21%
According to Cointelegraph, on-chain data analyzed by multiple firms Monday shows Bitcoin remains weak despite briefly recovering above $67,000. Price momentum stands at -1 while On-Balance Volume (OBV) sits at 1.7 million, marking multi-year lows, according to Swissblock. LVRG Research director Nick Ruck said low trading volume and stalled on-chain indicators suggest the rally lacks conviction and may quickly fade. Analysts stated Bitcoin's sustained recovery depends on a successful U.S.-Iran peace agreement. If talks fail, the asset could initially see hedge-buying before broader risk-off sentiment pressures key support levels. Swissblock cautioned that historically, stronger recovery signals emerge when both momentum and OBV turn positive, with risks of retesting lows remaining before that occurs.
Disclaimer: The information on this page may come from third-party sources and is for reference only. It does not represent the views or opinions of Gate and does not constitute any financial, investment, or legal advice. Virtual asset trading involves high risk. Please do not rely solely on the information on this page when making decisions. For details, see the Disclaimer.
Comment
0/400
No comments