Bitcoin (BTC) fluctuated around $86,000 on Tuesday as crude-oil prices hit their lowest levels in nearly three weeks.

Key points:

• Bitcoin consolidated at around $86,000 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.
• WTI crude oil dropped to near $89 per barrel, its lowest level since Nov. 4 before reversing toward $92.

Bitcoin tests strength of $86,000 support as oil drops under $90

Data from TradingView showed the volatility of BTC/USD cooling after Bitcoin hit $87,350 the day prior, its highest level since Jan. 29.

BTC/USD one-hour chart. Source: Cointelegraph/TradingView

US stocks tracked sideways as US president Donald Trump took to the stage at the UN General Assembly in New York. In a speech to world leaders, Trump pledged to reach a deal to end the US-Iran war, but suggested that this might come after the US midterm elections in November.

“I believe we’ll make a deal right after the election because it doesn’t make sense for them not to,” he said.

WTI crude oil inched higher into the speech after falling as low as $89.16 per barrel, its lowest since Sept. 4. The drop was aided by reports that Saudi Arabia had reopened the East-West Pipeline, a key oil-supply route. Three anonymous sources referenced by Reuters said that it would take six to eight weeks for flows to reach full capacity.

CFDs on WTI crude oil four-hour chart. Source: Cointelegraph/TradingView

Onchain metric points to end of bear-market accumulation

Commenting on Bitcoin’s current position, onchain analytics platform Glassnode noted a classic momentum indicator had returned above a key long-term trend line.

Related: Bitcoin adds to bull-market hopes as price metric prints fourth-ever bullish cross

Bitcoin’s market value to realized value (MVRV) ratio, which compares the book value of the BTC supply — its market cap —  to the cumulative price at which it last moved onchain, has now crossed above its 365-day moving average.

“This is the same cross that we saw in 2019 and 2023 at the beginning of each bull market,” Glassnode noted on X.

The MVRV ratio seeks to determine what Glassnode describes as “fair” value for the supply — whether it is trading at a premium or discount to the price last paid by investors. High MVRV values correspondingly reflect larger unrealized profits among wallets.

The ratio currently sits at 1.62, having increased from 1.19 on Aug. 16. It remains far from the 3.7 level that has traditionally marked the profitability zone for bull-market tops.

Bitcoin MVRV ratio chart. Source: Glassnode on X.com

Continuing, onchain analytics platform CryptoQuant eyed a breakout from a multi-month resistance level for the MVRV ratio’s 30-day moving average below 1.5. CryptoQuant concluded in a blog post that breaking above this level for the first time since January would mark the end of a lengthy investor accumulation phase.

CryptoQuant added that moving above the current 1.62 would “confirm the reversal of ongoing bear market,” bringing back Bitcoin’s all-time highs of $126,200 as a BTC price target.

Bitcoin MVRV ratio data (screenshot). Source: CryptoQuant