Trump seems to be the most willing party for a ceasefire, but today’s statements from the USA seem to put pressure on Iran. Opening the Strait of Hormuz to only 15 ships per day is a symbolic step and not what the markets want. That’s why yesterday’s excitement has been replaced by “caution” today.
Bitcoin on-chain analyst
The EU has 2 days left to support the US in the Strait of Hormuz and US-Iran negotiations are starting. We will see that attacks on Lebanon continue to jeopardize the ceasefire in the 2-week period. It was learned yesterday that Pakistan dissuaded Iran from its retaliation plan at the last minute. Israel has already declared that it does not find this ceasefire correct, and it would not be surprising if it continues its attacks on Lebanon. What really matters is whether Iran will wait 2 weeks to retaliate.
BTC Since the developments in the last 24 hours pushed the risk markets to be cautious (confidence in the ceasefire decreased), it fell below 71 thousand dollars. Oil is on the threshold of $ 100 again and altcoins continue the day with losses exceeding 2 percent.
While all this is happening, we will take a look at 2 important on-chain signals. The first one was pointed out by CryptoBullet a few hours ago and mentioned that the MVRV Z-Score unequivocally indicates that Bitcoin will fall further.
“It’s impossible for $60,000 to be a bear market bottom. MVRV hasn’t even reached the green bottom zone yet! And in terms of timing, there are still 6 months of bear market left.”
“Another big decline is inevitable.”
second signal BTC Sharpe rate. The graph says that we have descended into the historical accumulation zone, meaning destruction has occurred. However, the buying pressure has not yet returned. The current chart tells us that we are in a transition phase and Bitcoin could bottom deeper or start a comeback after stalling in this range.
HYPE Coin It had a good opportunity yesterday and was one of the altcoins that benefited most from the ceasefire agenda. As confidence in the ceasefire has decreased, HYPE Coin’s fuel has also decreased. It is now above $39 and could decline in a possible overall market decline to $37.32. In the opposite scenario, it should exceed $39.77 and reach $42.
In the coming hours, we will either see news about ceasefire violations or negotiations. Whichever is dominant, the market will determine its direction accordingly. Sherpa thinks that HYPE Coin can diverge positively even in this process.
