Bitcoin holds $86,000 as Trump says Iran deal may follow midterms

Bitcoin avoided a significant drop below $86,000 and fluctuated around that level on Tuesday after reaching fresh 33-week highs on Monday. Data from TradingView showed BTC/USD volatility cooling after Bitcoin reached $87,350, its highest level since Jan. 29. US stocks moved sideways as US President Donald Trump addressed the UN General Assembly in New York. Trump said he believed the United States would make a deal with Iran right after the November midterm election because it would not make sense for Iran not to agree. WTI crude rose slightly during the speech after falling to $89.16 per barrel. The article's key points described that level as the lowest since Nov. 4, while its detailed account described it as the lowest since Sept. 4. The decline was aided by reports that Saudi Arabia had reopened the East-West Pipeline, and three anonymous sources cited by Reuters said flows would take six to eight weeks to reach full capacity. Glassnode said Bitcoin's market value to realized value, or MVRV, ratio had crossed above its 365-day moving average. The ratio compares the market value of the BTC supply with the cumulative prices at which the coins last moved onchain. Glassnode said the crossing was the same one seen in 2019 and 2023 at the beginning of each bull market. Glassnode describes MVRV as a measure of whether the supply trades at a premium or discount to the price last paid by investors, with high values reflecting larger unrealized wallet profits. The ratio stood at 1.62, up from 1.19 on Aug. 16, and remained below the 3.7 level traditionally associated with profitability zones for bull-market tops. CryptoQuant identified a possible breakout from a multi-month resistance level for the MVRV ratio's 30-day moving average, which was below 1.5. CryptoQuant said moving above that level for the first time since January would mark the end of a lengthy investor accumulation phase. It also said that moving above 1.62 would confirm a reversal of the ongoing bear market and bring Bitcoin's $126,200 all-time-high level back as a BTC price target.