Bitcoin Breaks Out as Nasdaq Hits Records and Oil Slides on Iran Hopes — SkimNews
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- Bitcoin traded near $86,559 Tuesday, up 12.2% over the past week, breaking through the resistance band that had capped its rally since early September and pushing total crypto market capitalization above $3 trillion.
- The Nasdaq Composite closed at a record Monday — up 2.26% for its best day since June — with Intel jumping 12%, AMD gaining roughly 10% and crossing a $1 trillion market cap; chipmakers extended their rally into Tuesday for the longest stretch since April.
- Brent crude briefly slipped below $98 a barrel and WTI fell under $93 — their lowest since September 8 — after reports that Iran offered to reopen the Strait of Hormuz within days if Washington eases pressure; Trump told the UN General Assembly he expects a deal "right after the election."
- The Federal Reserve raised its benchmark rate by 25 basis points to 3.75%-4% on September 16 in a unanimous 12-0 vote, but has continued regular purchases of short-term Treasury bills since December 2025 to keep bank reserves "ample" — a rare combination of higher rates with a balance sheet no longer draining the system.
- Bitcoin's chart setup includes a fresh golden cross (50-day crossing above 200-day), with Fibonacci extensions pointing to next targets of $90,763 and $95,074; failure to hold the $79,673 zone on a pullback opens the door to $75,436 and $73,617.
- Altcoins caught a bid alongside Bitcoin: XRP climbed to $1.57, Solana gained 18.2% over the week, Zcash extended to $1,551 (up 36.7% over seven days), and 97 of the top 100 coins posted positive 7-day performance.
- The Crypto Fear & Greed Index sits at 79 (deep in "Greed"), and on Myriad prediction markets traders price 48% odds Bitcoin hits $90,000 this month versus 25% odds it reaches $92,500.
Why it matters: The breakout places Bitcoin above a resistance band that capped it most of September, with Fibonacci targets at $90,763 and $95,074 if bulls defend $79,673 on any pullback. The Fed's 25-basis-point hike to 3.75%-4% has been partially offset by continued Treasury bill purchases, leaving risk assets flush with liquidity even as borrowing costs rise.
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