Bitcoin consolidated above $66,000 after a preliminary truce agreement was reached between the US and Iran. According to President Donald Trump, the parties will sign the main document on June 19.

On the evening of June 15, the first cryptocurrency rose at one point to a local high of just over $67,000, but later corrected slightly. At the time of writing, the asset is trading around $66,500.

Most of the top-10 coins by capitalization are also showing positive dynamics. ETH broke through $1,750 (+3% over the day), SOL returned to $75 (+4%), and HYPE reached $72 (+10%).

According to the Associated Press, the deal between Washington and Tehran provides for the opening of the Strait of Hormuz and the lifting of the American blockade of Iranian ports. The parties are then to hold 60 days of negotiations on Iran's nuclear program and the possible easing of sanctions.

Nevertheless, observers maintain cautious optimism, as early signs of upcoming difficulties have already appeared. 

Israeli Prime Minister Benjamin Netanyahu stated that their troops will remain in Lebanon. Iran also refuted the Trump administration's claims about free passage through the strait — the authorities intend to charge "fees."

Weak activity

Amid uncertainty regarding the deal, Swissblock analysts pointed to the low engagement of bitcoin buyers. The price momentum indicator and OBV are showing weakness.

Price momentum is holding at -1, while the on-balance volume has dropped to a multi-year low — to -1.7 million.

Swissblock believes that in a bearish phase, momentum weakens first, then OBV falls, after which the price moves lower. A more confident signal for recovery will appear when both indicators return to positive territory. Until then, the risk of forming a new bottom remains.

In parallel, Glassnode drew attention to the decline in seller pressure and the emergence of confidence among options traders. 

"Given the weak trading volumes, open interest and capital inflows, this move looks more like a stabilization than a confirmed reversal," the analysts noted.

Recall that Galaxy Research concluded that bitcoin's current market cycle has not yet reached its low, and the price could drop into the $40,000-46,000 range.

Source: ForkLog