Bitcoin (BTC) fluctuated around $86,000 on Tuesday as crude-oil prices hit their lowest levels in nearly three weeks.

Key points:

• Bitcoin consolidated near $86,000 after hitting fresh 33-week highs on Monday.
• US President Donald Trump told the United Nations that a deal to end the war with Iran could come after November's midterm elections.
• WTI crude oil dropped to near $89 per barrel before reversing toward $92.

Bitcoin tests strength of $86,000 support as oil drops under $90

Data from TradingView showed volatility in BTC/USD cooling after Bitcoin reached $87,350 the day prior — its highest level since Jan. 29, marking fresh 33-week highs for the largest cryptocurrency. Monday's advance left the $86,000 area to be tested as new support.

US stocks tracked sideways as Trump took the stage at the UN General Assembly in New York. Addressing world leaders at the annual gathering, he pledged to reach a deal to end the US-Iran war, while suggesting that a final agreement might only materialize after the US midterm elections in November — the vote held halfway through a president's four-year term, when every House seat and roughly one-third of the Senate are on the ballot.

“I believe we'll make a deal right after the election because it doesn't make sense for them not to,” he said.

WTI crude oil inched back toward $92 into the speech after falling as low as $89.16 per barrel, its lowest level since Sept. 4. The drop was aided by reports that Saudi Arabia had reopened the East-West Pipeline, a key oil-supply route. Reuters, citing three anonymous sources, reported that flows would need six to eight weeks to reach full capacity — a timeline that would keep the pipeline's restoration in progress into November. For crypto traders, energy prices are among the macro indicators watched alongside equities during periods of geopolitical tension.

Onchain metric points to end of bear-market accumulation

Commenting on Bitcoin's current position, onchain analytics platform Glassnode noted that a classic momentum indicator had returned above a key long-term trend line. Related: Bitcoin adds to bull-market hopes as price metric prints fourth-ever bullish cross.

Bitcoin's market value to realized value (MVRV) ratio, compares the book value of the BTC supply — its market cap — to the cumulative price at which it last moved onchain, has now crossed above its 365-day moving average. Moving-average crosses are a staple of trend analysis, with longer lookback windows such as the 365-day average used to filter out shorter-term fluctuations.

“This is the same cross that we saw in 2019 and 2023 at the beginning of each bull market,” Glassnode noted on X.

The MVRV ratio seeks to determine what Glassnode describes as “fair” value for the BTC supply — whether the asset is trading at a premium or a discount to the price last paid by investors onchain. High MVRV values correspondingly reflect larger unrealized profits among wallets.

The ratio currently sits at 1.62, having increased from 1.19 on Aug. 16, and remains far from the 3.7 level that has traditionally marked the profitability zone of bull-market tops.

Separately, onchain analytics platform CryptoQuant eyed a breakout from a multi-month resistance level for the MVRV ratio's 30-day moving average, which had previously sat below 1.5. In a blog post, CryptoQuant concluded that breaking above this level for the first time since January would mark the end of a lengthy investor accumulation phase.

The firm added that moving above the current 1.62 would “confirm the reversal of ongoing bear market,” bringing Bitcoin's all-time highs of $126,200 back as a BTC price target.

Source: Cointelegraph