TLDR
- Bitcoin is consolidating near $86,000 after reaching a 33-week high of $87,350.
- WTI crude briefly fell below $90, easing some pressure from energy-driven inflation concerns.
- Bitcoin’s MVRV ratio crossed above its 365-day moving average, a pattern previously seen in 2019 and 2023.
- BTC is on track for a rare July-to-September three-month winning streak last recorded in 2012.
- Analyst Ted Pillows sees $87,000-$88,000 as key resistance, with $79,000-$80,000 as support if BTC corrects.
Bitcoin (BTC) held around $86,000 on Tuesday after reaching its highest price in roughly eight months.
BTC climbed as high as $87,350 on Monday before momentum cooled. Buyers have so far prevented a deeper move below the $86,000 area.
The latest rally leaves bitcoin up about 10.9% in September. That follows gains of 4.8% in July and 25.2% in August.
If September remains positive, bitcoin will record its first July-to-September winning streak since 2012.
The market is also watching developments in oil prices. WTI crude briefly dropped to $89.16 per barrel, its lowest level since early September.
Lower oil followed reports that Saudi Arabia had reopened its East-West Pipeline. Oil later recovered toward $92.
Onchain data points to improving momentum
Bitcoin’s MVRV ratio has crossed above its 365-day moving average.
The ratio currently stands around 1.62, up sharply from 1.19 on August 16. Similar crosses appeared around the beginning of stronger market phases in 2019 and 2023.
MVRV compares bitcoin’s market value with the average value at which coins last moved onchain. Higher readings generally mean holders are sitting on larger unrealized profits.
The current 1.62 reading remains well below the 3.7 area that has historically appeared around previous market peaks.
A separate MVRV measure using the 30-day moving average is also approaching an important breakout. A move above 1.5 would mark its first such break since January.
Bulls face resistance near $88,000
Analyst Ted Pillows highlighted the $87,000-$88,000 area in a post on X.
Pillows said the zone is important because it sits around bitcoin’s yearly open and could act as resistance. He added that a correction could bring $79,000-$80,000 back into focus as support.
$87,000-$88,000 is the very important level for Bitcoin.
This is the yearly open level, and $BTC is expected to face resistance here.
And if a correction happens, BTC will likely find support around $79,000-$80,000. pic.twitter.com/SMPIZlJnHD
— Ted (@TedPillows) September 22, 2026
Bitcoin’s current monthly streak is also drawing attention because of its rarity. The only previous July, August and September winning streak came in 2012.
That historical example was followed by a weaker October before bitcoin later rallied sharply. However, one previous occurrence is too small a sample to establish a repeatable pattern.
President Donald Trump also told the UN that he expects a deal to end the U.S.-Iran conflict, potentially after November’s midterm elections.
For now, bitcoin remains near $86,000 after reaching $87,350, leaving the $87,000-$88,000 zone as the immediate resistance area traders are watching.
