Bitcoin steadies after fresh multi-month highs
TradingView data indicated that BTC/USD volatility declined after touching $87,350 on Monday, its strongest showing since late January. The market looked to test the strength of the $86,000 support zone as activity cooled.
US equities largely moved sideways as President Donald Trump spoke at the United Nations General Assembly in New York. In his address, Trump expressed optimism that a deal to end the US-Iran conflict could emerge after the country’s midterm elections in November.
In his words, reaching an agreement with Iran “doesn’t make sense for them not to,” with a deal likely coming “right after the election.”
Meanwhile, WTI crude oil partially recovered during Trump’s speech after dropping to $89.16 per barrel. The decline followed reports that Saudi Arabia reopened the East-West Pipeline, an important route for global oil supply. Three sources cited by Reuters said the pipeline could take six to eight weeks to resume full capacity.
Onchain indicators suggest accumulation phase may be ending
Analysis from Glassnode pointed to a classic momentum signal reemerging on Bitcoin’s chart. The market value to realized value (MVRV) ratio, which weighs Bitcoin’s current market capitalization against the aggregate price investors last paid for their coins, climbed above its 365-day moving average.
Historically, such a cross has signaled the start of bull markets, as seen in 2019 and 2023. According to Glassnode, “This is the same cross that we saw in 2019 and 2023 at the beginning of each bull market.”
An MVRV above average implies that market participants are holding larger unrealized profits. The ratio now stands at 1.62, rising from 1.19 in mid-August. This is still well below the 3.7 threshold marking previous bull-market tops.
Further analysis from CryptoQuant noted the 30-day MVRV average has broken above resistance at 1.5 for the first time since January. CryptoQuant stated that surpassing this level would mark the end of an extended investor accumulation phase, potentially signaling the onset of a stronger upward trend.
CryptoQuant emphasized that surpassing 1.62 could “confirm the reversal of ongoing bear market,” setting Bitcoin’s all-time high of $126,200 as a possible price target.
