Oil Price Drop Boosts Bitcoin to Crucial Support Level

Bitcoin's price hovered around $86,000 on Tuesday as crude oil prices plummeted to their lowest levels in nearly three weeks.

The decline in oil prices helped Bitcoin consolidate at its current support level of $86,000, which it reached after hitting fresh 33-week highs on Monday.

US President Donald Trump told the UN that a deal to end the war with Iran could come after November's midterm elections, but suggested that this might not happen until after the election.

WTI crude oil dropped to $89.16 per barrel, its lowest level since September 4, before reversing towards $92.

Onchain analytics platform Glassnode noted that Bitcoin's market value to realized value (MVRV) ratio has returned above a key long-term trend line, indicating the end of bear-market accumulation.