Bitcoin Holds Firm at $86K as Oil Prices Drop Below $90
Bitcoin price consolidated at around $86,000 on Tuesday as crude oil prices dropped below $90 per barrel. This development comes after Bitcoin hit a fresh 33-week high of $87,350 the day prior.
The US president Donald Trump told the UN that a deal to end the war with Iran could come after November's midterm elections. Oil prices had fallen to near $89 per barrel before reversing toward $92 following reports that Saudi Arabia had reopened the East-West Pipeline.
Onchain analytics platform Glassnode noted that Bitcoin's market value to realized value (MVRV) ratio has crossed above its 365-day moving average, a key long-term trend line. The MVRV ratio currently sits at 1.62 and is seen as a sign of the end of bear-market accumulation.
Glassnode pointed out that this cross had previously occurred in 2019 and 2023, marking the beginning of each bull market. A breakout from a multi-month resistance level for the MVRV ratio's 30-day moving average below 1.5 was also observed by onchain analytics platform CryptoQuant.