Analyst: BTC's fate hinges on US-Iran peace deal

Although Bitcoin has recovered recently, on-chain indicators remain bearish, and further gains depend on the success of a peace agreement between the U.S. and Iran, according to one analyst. Nick Luk, director of research at LVRG, noted that while Bitcoin has reclaimed the $67,000 level, the upward momentum is weak due to declining trading volume, Cointelegraph reported. He warned that the recovery lacks conviction and could fade quickly, adding that a failure to secure a final peace agreement could trigger geopolitical instability and an oil price shock. Luk suggested that while Bitcoin might initially attract buyers as a hedge asset, it could be pushed down to key support levels if broader risk-off sentiment takes hold. He explained that macroeconomic and geopolitical factors continue to drive cryptocurrency price movements.