Bitcoin has risen 1.4% since midnight UTC, riding the tailwind as hopes of an Iran-US deal have driven down oil prices. The move provided a boost to major altcoins, with ether (ETH) adding 2.4% and solana (SOL) and BNB gaining around 1.5%. XRP lags behind with a gain of 0.7%.
Despite the green shoots among the majors, the market as a whole has yet to follow suit. The CoinDesk 20 Index (CD20) remains slightly down over 24 hours. Still, smaller outliers like DEXE and BEAT jumped 8% and 5%.
Monday’s rebound, however, sparks great skepticism from some analysts, particularly when comparing Bitcoin’s price with its simple moving average (SMA).
“BTC recovered to $64,000, but nothing behind. The 200-week SMA near $62,000 held down the weekend’s declines, and this line with the $60,000 plateau is what separates a base from a deeper leg, while $66,000 to $68,000 caps the upside,” Marx analysts said in an email.
“We are buying near the 200 week and selling into the resistance, we are not chasing the middle,” they added.
