Bitcoin price seeks $86K as new support after oil dips below $90
Bitcoin traded near $86,000 as volatility eased after briefly reaching $87,350, its highest since Jan. 29. Broader markets were calm while oil prices fell to multi-week lows, with WTI dipping below $90 on reports that Saudi Arabia reopened a key pipeline route. Onchain indicators turned more constructive. Glassnode said Bitcoin’s MVRV ratio moved above its 365-day moving average, a crossover that also appeared near the start of past bull markets in 2019 and 2023. The ratio has risen to 1.62 from 1.19 in mid-August, still well below levels associated with cycle tops. CryptoQuant said the MVRV ratio’s 30-day average breaking above a multi-month resistance zone would signal the end of a long accumulation phase and could support a renewed bull-market reversal, with a possible target near Bitcoin’s all-time high of $126,200.
