Bitcoin price action avoided a significant drop below $86,000 as US president Donald Trump pledged a deal with Iran after November’s midterm election.
Bitcoin (BTC) fluctuated around $86,000 on Tuesday as crude-oil prices hit their lowest levels in nearly three weeks.
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
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.
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