Bitcoin Holds Above $86,000 as Traders Weigh Iran Timeline, Bullish Onchain Signals

Bitcoin steadied around $86,400 on Tuesday after touching its highest level since late January a day earlier, as traders weighed President Donald Trump's suggestion that any US-Iran agreement would likely wait until after November's midterm elections and digested a fresh batch of bullish onchain data.

The leading cryptocurrency slipped 0.20% over 24 hours to $86,404 as of 8:10 a.m. in Seoul, according to CoinMarketCap, while ether fell 0.82%. Major altcoins were mixed, with XRP down 0.92%, Solana off 0.64% and Hyperliquid up 3.90%.

Trump, addressing the UN General Assembly in New York, said a deal to end the conflict with Iran could arrive "right after the election," adding that productive talks had taken place and another round was scheduled "in the very near future." Markets interpreted the remarks as signaling that geopolitical risk would remain elevated for now but was unlikely to escalate sharply.

Oil markets moved first. Brent crude for November delivery settled 1.1% lower at $99.25 a barrel, while WTI briefly fell to $89.16, its lowest since September 4, before recovering toward $92. The slide followed reports that Iran had proposed reopening the Strait of Hormuz within seven days in exchange for Washington easing military pressure, and that Saudi Arabia had restarted its East-West Pipeline, a key export artery.