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

CoinFeed reported on June 16th, citing Cointelegraph, that analysts say Bitcoin's recovery depends on the success of a US-Iran peace agreement, and on-chain data shows that despite the recent rebound, Bitcoin remains weak. Nick Ruck, Research Director at LVRG Research, stated that although Bitcoin briefly recovered $67,000, "momentum remains weak, and declining trading volume and stagnant on-chain metrics indicate a lack of confidence in the rebound, which could quickly fade." If the US-Iran ceasefire agreement breaks down, Bitcoin will face a "volatile path," potentially initially attracting buying as a hedging asset before being pushed towards key support levels by broader risk aversion. 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 the OBV is -1.7 million, at multi-year lows.