Bitcoin is up 1.4% since midnight UTC, gaining as hopes of an Iran-US deal sent oil prices lower. The move gave a boost to major altcoins, with ether (ETH) adding 2.4% and solana (SOL) and BNB advancing around 1.5%. XRP lagged with a gain of 0.7%.
Despite the green shoots among the majors, the broader market has yet to follow suit. The CoinDesk 20 Index (CD20) remains slightly lower over 24 hours. Still, minor outliers such as DEXE and BEAT rose by 8% and 5%.
However, Monday’s bounce is met with great skepticism from some analysts, especially when comparing bitcoin’s price to its simple moving average (SMA).
“BTC has recovered to $64,000, but nothing behind it. The 200-week SMA near $62.2K held the weekend dips, and that line with the $60,000 shelf is what separates a base from a deeper leg, while $66K to $68,000 limits the upside,” analysts at Marx said in an email.
“We buy near the 200 week and sell to resistance, we don’t chase the middle,” they added.
