Bitcoin's on-chain metrics remain weak; recovery depends on a US-Iran peace agreement.

According to Nick Ruck, a director at LVRG Research, while Bitcoin recently climbed back above $67,000, its momentum remains weak, with declining trading volume and stagnant on-chain metrics indicating insufficient recovery strength. US President Donald Trump stated on Sunday that the US and Iran have reached a peace agreement to end months of conflict, with the agreement expected to be signed on Friday. Many details of the agreement remain unknown, but Trump stated that the agreement will open the Strait of Hormuz, with the US lifting its blockade of the strait and Iranian ports. The two countries will then begin 60 days of negotiations on Iran's nuclear program and potential sanctions relief. Swissblock stated on Monday that Bitcoin's price momentum and On-Balance Volume (OBV) indicators 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 6th, price momentum remains at -1, and the OBV has fallen to a multi-year low of -1.7 million. (Cointelegraph)