Deepwater TechFlow report: On September 23, according to Cointelegraph, the Bitcoin price has held above $86,000 without any major pullbacks. It had previously hit a 33-week historical high of $87,350 on Monday. On the global macro front, WTI crude oil futures briefly dipped to a low of $89.16 per barrel, before rebounding slightly on news that Saudi Arabia has restarted east-west oil pipelines. At the United Nations General Assembly in New York, U.S. President Donald Trump said that peace talks with Iran may be reached after the midterm elections in mid-November.

Amid stable market conditions, on-chain data analytics platform Glassnode said that Bitcoin’s Market Value to Realized Value (MVRV) ratio has currently risen to 1.62 and has successfully crossed above its 365-day moving average. Glassnode’s analysis on X notes that this technical crossover closely matches the behavior seen at the start of market runs in 2019 and 2023. The current ratio is still in a safe range below the traditional bull-market top threshold of 3.7.

Another analytics firm, CryptoQuant, focuses on the 30-day moving average of the MVRV ratio, which is approaching the key resistance level of 1.5. The firm says that once this level is broken and the price holds above it, it will mark the official end of the months-long period of investor accumulation, while also confirming that the current bearish trend has already been reversed. After that, prices may be able to return to the historical high of $126,200.