Key takeaways
- Bitcoin consolidated near $86,000 after testing fresh 33-week highs at $87,350 on Monday, according to TradingView data.
- US WTI crude fell to around $89 per barrel—its lowest level since late 2024—before bouncing toward $92.
- Glassnode said Bitcoin’s MVRV ratio has crossed above its 365-day moving average, a pattern historically seen at the start of past bull markets.
- CryptoQuant highlighted momentum in the MVRV 30-day moving average and suggested a break above key levels could signal an end to prolonged accumulation.
BTC holds near $86,000 as oil weakens under $90
Oil’s immediate weakness appeared linked to supply developments. WTI crude dipped as low as $89.16 per barrel, cited as its weakest since early September, before rebounding toward the low $90s. Reuters reported that Saudi Arabia had reopened the East-West Pipeline, a key route for moving oil, and quoted three anonymous sources saying it would take six to eight weeks to reach full capacity. That report helped reinforce the idea that supply constraints may be loosening, at least gradually.
On-chain momentum: MVRV ratio crosses a long-term trend
According to Glassnode, the MVRV ratio has crossed above its 365-day moving average. In commentary posted to X, Glassnode described the specific “cross” as one it had seen previously in 2019 and 2023 near the beginning of each bull market cycle.
Glassnode frames the MVRV ratio as a way to gauge whether Bitcoin is trading above or below what it calls “fair” value for the supply. In broad terms, higher readings correspond to larger unrealized profits across holders’ wallets.
At the time of the update, Glassnode put the MVRV ratio at 1.62. It had risen from 1.19 on Aug. 16, signaling that the market was, at least by this measure, shifting away from a deeper discount to realized cost. Still, Glassnode noted that the ratio remained well below a commonly cited 3.7 level associated with profitability peaks in earlier bull-market tops.
CryptoQuant watches MVRV MA30 for confirmation of a reversal
While Glassnode focused on the 365-day moving average cross, CryptoQuant emphasized another part of the same on-chain picture: the behavior of the MVRV ratio’s 30-day moving average. In a blog post, CryptoQuant said the MVRV MA30 had broken out from a multi-month resistance area below 1.5, characterizing that move as the kind of shift that can mark the transition out of an extended accumulation phase.
CryptoQuant argued that achieving such a breakout for the first time since January would represent a meaningful inflection—effectively signaling the end of a longer period in which investors accumulated rather than broadly exited at scale.
In its analysis, CryptoQuant added that if the MVRV ratio moves above its current reading of 1.62, it would “confirm the reversal of ongoing bear market.” The firm also referenced Bitcoin’s all-time highs of $126,200 as an upside target under that scenario.
What investors should watch next
With Bitcoin pausing near $86,000 after a sharp test of recent highs, the next signals likely hinge on whether on-chain indicators continue to improve alongside price. Traders and long-term investors will probably look for follow-through that keeps the MVRV momentum intact—while macro drivers such as oil’s ability to hold above or slip below the $90 area remain an additional variable for risk appetite.
