Oil Prices Slide Below $90 as Bitcoin Consolidates Near $86K
Bitcoin continued its upward momentum on Tuesday, trading near $86,000 after pushing to fresh 33-week highs of $87,350 on Monday. The move came as broader risk sentiment appeared steady, with US stocks moving sideways despite a speech by President Donald Trump at the UN General Assembly in New York.
Oil prices also played a role, slipping below $90 per barrel for the first time in nearly three weeks before rebounding to around $92. The weakness in oil markets was attributed to supply developments, including the reopening of the East-West Pipeline by Saudi Arabia, which is expected to take six to eight weeks to reach full capacity.
On-chain data also pointed to improving market structure, with Glassnode noting that Bitcoin's market value to realized value (MVRV) ratio has crossed above its 365-day moving average. This indicator has historically been seen at the start of past bull markets, and a reading above 1.62 suggests that investors are accumulating rather than exiting the market.
CryptoQuant also emphasized the importance of the MVRV ratio's 30-day moving average, which broke out from a multi-month resistance area below 1.5. If this trend continues, it could signal the end of an extended accumulation phase and confirm the reversal of the bear market.