bitcoin has risen 1.4% since midnight UTC, receiving a tailwind as hopes for an Iran-US deal pushed oil prices lower. The move boosted major altcoins, with ether (ETH) adding 2.4% and solana (SOL) and BNB advancing around 1.5%. XRP lagged behind with a 0.7% gain.
Despite the green shoots among large companies, the broader market has yet to follow suit. The CoinDesk 20 Index (CD20) remains slightly lower over 24 hours. Still, smaller outliers like DEXE and BEAT rose 8% and 5%.
However, Monday’s bounce has been met with great skepticism by some analysts, particularly when comparing bitcoin’s price to its simple moving average (SMA).
“BTC has recovered $64,000, but there is nothing behind it. The 200-week SMA near $62,200 sustained the weekend declines, and that line with the $60,000 shelf is what separates a base from a deeper leg, while between $66,000 and $68,000 limits the upside,” analysts at Marx said in an email.
“We buy near the 200 week and sell at resistance, we do not chase the midpoint,” they added.
