Bitcoin recovery rests on US-Iran deal as momentum remains weak
LVRG Research director Nick Ruck says Bitcoin could face a “volatile path” if a recently agreed peace deal between the US and Iran breaks down.
Bitcoin’s recovery is hinged on a successful peace deal between the US and Iran as its onchain metrics show the cryptocurrency remains weak despite its recent recovery, analysts say.
Nick Ruck, a director at LVRG Research, told Cointelegraph that despite Bitcoin (BTC) recently reclaiming $67,000, its “momentum remains weak, with declining volume and stagnant on-chain metrics indicating that the recovery lacks conviction and could quickly fade.”
He added that if a recently brokered peace deal between the US and Iran breaks down, the following geopolitical instability and potential oil shocks would see Bitcoin “face a volatile path.”