Bitcoin price holds $86K support as oil dips and Trump pledges Iran deal

Bitcoin price holds — Bitcoin price consolidated around $86,000 on Tuesday, testing the level as new support after crude oil prices fell and U.S. President Donald Trump signaled a potential deal with Iran.

BTC/USD fluctuated near $86,000, cooling from a high of $87,350 the previous day, which was its highest level since late January. The price action coincided with West Texas Intermediate crude oil dropping to near $89 per barrel, its lowest level in nearly three weeks, before reversing higher.

In a speech at the UN General Assembly, President Trump stated he believed a deal to end the U.S.-Iran war could be reached “right after” the November midterm elections. The drop in oil was also aided by reports that Saudi Arabia had reopened a key oil-supply pipeline.

On-chain analytics firm Glassnode noted that Bitcoin’s Market Value to Realized Value (MVRV) ratio had crossed above its 365-day moving average, a move it said historically occurred at the beginning of bull markets in 2019 and 2023. The ratio currently sits at 1.62, still far from levels associated with bull-market tops.