Bitcoin Consolidates Near $86K as Oil Prices Slip Below $90
Bitcoin's price has been consolidating near $86,000 after reaching a 33-week high of $87,350 on Monday. The move came as broader risk sentiment remained steady, while crude oil prices fell to levels not seen in nearly three weeks.
The easing in energy markets could still have an impact on cryptocurrency through macro expectations, but the market is showing signs of resilience. On-chain data from Glassnode suggests that Bitcoin's MVRV ratio has crossed above its 365-day moving average, a pattern historically seen at the start of past bull markets.
CryptoQuant also highlighted momentum in the MVRV 30-day moving average, which broke out from a multi-month resistance area below 1.5. This could signal the end of an extended accumulation phase and confirm a reversal of the bear market.
However, investors should remain cautious as geopolitical developments continue to add uncertainty to the market. US President Donald Trump's comments on Iran have kept traders weighing the odds of near-term escalation versus delayed diplomacy.