Bitcoin (BTC) held near $86,000 on Tuesday after reaching its price in roughly eight months, with market participants focused on whether the cryptocurrency can move through the $87,000-$88,000 area.

BTC climbed to $87,350 on Monday, marking a 33-week high, before momentum cooled. Buyers have so far prevented a deeper decline below $86,000. Bitcoin is up about 10.9% in September, following gains of 4.8% in July and 25.2% in August.

If September finishes higher, bitcoin will record its first July-to-September three-month winning streak since 2012. The current sequence is drawing attention because only one previous instance of positive returns in all three months has been recorded.

The market is also monitoring oil prices. West Texas Intermediate (WTI) crude, the benchmark for U.S. oil, briefly fell to $89.16 per barrel, its lowest level since early September, before recovering toward $92. The decline followed reports that Saudi Arabia had reopened its East-West Pipeline and temporarily eased some pressure associated with energy-driven inflation concerns.

On-chain data shows improving momentum

Bitcoin's market value to realized value (MVRV) ratio has crossed above its 365-day moving average. The ratio currently stands at about 1.62, sharply higher than 1.19 on August 16.

A moving average tracks the average reading over a set period, so this cross means MVRV now sits above its average level of the past year — a shift that occurred near the beginning of stronger market phases in 2019 and 2023. MVRV compares bitcoin's market value with the average value at which coins last moved on-chain. Higher readings generally indicate that holders are sitting on larger unrealized profits.

The current reading of 1.62 remains well below the area around 3.7 that has historically appeared near previous market peaks. A separate MVRV measure based on a 30-day moving average is also approaching a significant level. A move above 1.5 would be its first such break since January.

Analyst identifies resistance near $88,000

Analyst Ted Pillows highlighted the $87,000-$88,000 range in a post on X. Pillows said the zone is important because it is near bitcoin's yearly open — the price at which the asset started the calendar year — and could act as resistance. He added that a correction could bring $79,000-$80,000 into focus as support.

$87,000-$88,000 is the very important level for Bitcoin. This is the yearly open level, and $BTC is expected to face resistance here. And if a correction happens, BTC will likely find support around $79,000-$80,000. pic.twitter.com/SMPIZlJnHD — Ted (@TedPillows) September 22, 2026

The only previous July, August and September winning streak came in 2012. That historical example was followed by a weaker October before bitcoin later rallied sharply. However, the single prior occurrence is too limited to establish a repeatable pattern.

On the geopolitical front, President Donald Trump also told the UN that he expects a deal to end the U.S.-Iran conflict, potentially after November's midterm elections.

Bitcoin remains near $86,000 after its move to $87,350, leaving the $87,000-$88,000 range as the immediate resistance area under observation.

Source: CoinCentral