Bitcoin price seeks $86K as new support after oil dips below $90

Bitcoin (BTC) fluctuated around $86,000 on Tuesday as crude-oil prices hit their lowest levels in nearly three weeks.

Key points:

• Bitcoin consolidated at around $86,000 after hitting fresh 33-week highs on Monday.
• US president Donald Trump told the UN that a deal to end the war with Iran could come after November’s midterm elections.
• WTI crude oil dropped to near $89 per barrel, its lowest level since Nov. 4 before reversing toward $92.

Bitcoin tests strength of $86,000 support as oil drops under $90

Data from TradingView showed the volatility of BTC/USD cooling after Bitcoin hit $87,350 the day prior, its highest level since Jan. 29.

BTC/USD one-hour chart. Source: Cointelegraph/TradingView

US stocks tracked sideways as US president Donald Trump took to the stage at the UN General Assembly in New York. In a speech to world leaders, Trump pledged to reach a deal to end the US-Iran war, but suggested that this might come after the US midterm elections in November.

“I believe we’ll make a deal right after the election because it doesn’t make sense for them not to,” he said.

WTI crude oil inched higher into the speech after falling as low as $89.16 per barrel, its lowest since Sept. 4. The drop was aided by reports that Saudi Arabia had reopened the East-West Pipeline, a key oil-supply route. Three anonymous sources referenced by Reuters said that it would take six to eight weeks for flows to reach full capacity.