Bitcoin traded around $86,000 on Tuesday as crude oil prices fell below $90 per barrel, easing some pressure on global markets. BTC had climbed to $87,350 on Monday, its highest level since January 29, before consolidating.
WTI crude oil dropped to around $89.16 per barrel, its lowest level since September 4, before recovering toward $92. The decline followed reports that Saudi Arabia had reopened the East-West Pipeline, although full flows are expected to take several weeks.
Market sentiment was also influenced by US President Donald Trump’s comments at the United Nations General Assembly. Trump said he expected a potential deal to end the US-Iran conflict after the November midterm elections.
Meanwhile, on-chain data showed signs of improving Bitcoin market momentum. Glassnode reported that Bitcoin’s MVRV ratio had moved above its 365-day moving average, a level previously observed during the early stages of bull markets in 2019 and 2023.
Bitcoin’s MVRV ratio stood at 1.62, up from 1.19 on August 16, while remaining below historical levels associated with major market tops. CryptoQuant said a sustained move above key resistance could indicate the end of the recent accumulation phase and potentially support a recovery toward Bitcoin’s previous all-time high of $126,200.
