Bitcoin Breaks Resistance as Nasdaq Hits Records and Oil Slides

Bitcoin's price has broken through the resistance band that had capped it since early September, reaching $86,559 on Tuesday and sparking a rally in the crypto market. The move puts total crypto market capitalization above $3 trillion, with the Crypto Fear & Greed Index reading 79, solidly in 'greed' territory, and the Altcoin Season Index at 49.

The breakout lines up with a broader risk-on mood on Wall Street, where the Nasdaq Composite closed at a record Monday and is up 0.4% today. Chipmakers extended their rally into Tuesday, marking their longest winning stretch since April.

Oil prices fell to their lowest level since September 8 after reports that Iran offered to reopen the Strait of Hormuz within days if Washington eases pressure. President Donald Trump told the U.N. General Assembly he expects a deal with Iran 'right after the election,' referring to November's midterms.