Bitcoin fluctuated around $86,000 on Tuesday as crude oil prices fell to their lowest levels in nearly three weeks. The cryptocurrency consolidated near this level after reaching $87,350 the previous day, marking its highest price since January 29.
WTI crude oil dropped to $89.16 per barrel, its lowest level since September 4, before recovering toward $92. The decline was partly attributed to reports that Saudi Arabia had reopened the East-West Pipeline, a key oil-supply route, with sources indicating it would take six to eight weeks for flows to reach full capacity.
US stock markets moved sideways as President Donald Trump addressed the United Nations General Assembly. During his speech, Trump stated he believed a deal to end the US-Iran war could be reached after the November midterm elections.
Onchain Metrics Signal Potential Trend Shift
Bitcoin's market value to realized value (MVRV) ratio—which compares the market cap of the BTC supply to the cumulative price at which it last moved onchain—crossed above its 365-day moving average. According to onchain analytics platform Glassnode, this same crossover occurred in 2019 and 2023 at the beginning of bull markets.
The MVRV ratio currently stands at 1.62, up from 1.19 on August 16, but remains significantly below the 3.7 level that traditionally marks profitability zones for bull-market tops. The ratio seeks to determine fair value for the supply by assessing whether it is trading at a premium or discount to the price last paid by investors.
Analytics platform CryptoQuant noted that breaking above 1.5 on the MVRV ratio's 30-day moving average—not seen since January—would mark the end of a lengthy investor accumulation phase. CryptoQuant suggested that moving above the current 1.62 could confirm a reversal of the ongoing bear market, with Bitcoin's all-time highs of $126,200 cited as a potential price target.
