Bitcoin traded around $86,000 on Tuesday after reaching $87,350 the previous day, its highest level since Jan. 29, as volatility cooled and U.S. stocks moved sideways. Crude oil prices fell to their lowest level in nearly three weeks, with WTI crude dropping to $89.16 a barrel before recovering slightly. The decline followed reports that Saudi Arabia had reopened the East-West Pipeline, although three anonymous sources cited by Reuters said it could take six to eight weeks for flows to reach full capacity. During a speech at the UN General Assembly in New York, US president Donald Trump pledged to reach a deal to end the US-Iran war and suggested that an agreement might come after the U.S. midterm elections in November. On-chain analytics platform Glassnode said Bitcoin's market value to realized value (MVRV) ratio, a measure comparing market capitalization with the prices at which coins last moved, had crossed above its 365-day moving average. The ratio stood at 1.62, up from 1.19 on Aug. 16, but remained well below 3.7, a level historically associated with bull-market tops. Glassnode said similar crossings occurred in 2019 and 2023 at the beginning of each bull market. CryptoQuant separately identified a potential breakout for the MVRV ratio's 30-day moving average from multi-month resistance below 1.5. It said a break above that level for the first time since January would mark the end of a lengthy investor accumulation phase. CryptoQuant added that a move above 1.62 would confirm a reversal of the ongoing bear market and restore Bitcoin's all-time high of $126,200 as a price target.