Bitcoin Holds Near $86,000 as Oil Prices Slip Below $90

Bitcoin (BTC) traded near $86,000 on Tuesday, maintaining a support level that emerged after the cryptocurrency hit a 33‑week high of $87,350 the previous day.

Oil price dip and geopolitical backdrop

WTI crude oil slipped to about $89 per barrel, its lowest price since early September, before edging back toward $92. The decline was linked to reports that Saudi Arabia had reopened the East‑West Pipeline, a key supply route, with full capacity expected in six to eight weeks.

During the same period, U.S. President Donald Trump addressed the United Nations, indicating that a potential deal to end the U.S.–Iran conflict could be pursued after the November midterm elections.

On‑chain metrics suggest a shift

Glassnode reported that Bitcoin’s market‑value‑to‑realized‑value (MVRV) ratio crossed above its 365‑day moving average, reaching 1.62 from 1.19 on August 16. The platform noted that similar crosses preceded previous bull markets in 2019 and 2023.

CryptoQuant highlighted that the MVRV ratio’s 30‑day moving average broke above the 1.5 level for the first time since January, a move the firm associates with the end of a prolonged accumulation phase. CryptoQuant suggested that a continued rise could signal a reversal of the bear market and set a long‑term price target near $126,200.

Market context

U.S. equities moved sideways as investors absorbed the geopolitical comments and oil price movements. Bitcoin’s volatility cooled after the brief surge to $87,350, according to TradingView data.