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Bitcoin consolidates near $86,000 as rally narrows and Brent slips below $100

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Bitcoin consolidates near $86,000 as rally narrows and Brent slips below $100

Bitcoin

BTC$85,676.41
is consolidating on Wednesday after an explosive breakout on Monday, trading at $86,379 in the European morning, up 0.24% since midnight UTC and 1.3% over 24 hours as daily trading volume dips by 36% to $38 billion.

Beneath the surface the rally has narrowed sharply, with 38 of the 100 CoinDesk 100 constituents lower on the day, even as the index itself rose 0.67% to 1,926.99. Over the rolling 24 hours the picture is still broad, 87 higher and 13 lower, which places the weakening firmly in the past few hours rather than on Tuesday.

The majors have split rather than moved together, XRP (XRP) adding 3.3% to $1.62 and bitcoin cash

BCH$352.89
2.0% to $351.59, while ether
ETH$2,729.90
 slipped 0.089% to $2,750.24 as chainlink
LINK$12.84
 lost 0.0053%.

Brent crude has fallen back below $100 for the first time since Sept. 9, trading at $99.13 after touching $108 in mid-September, which takes the last of the energy-driven inflation scare out of the picture that followed the Federal Reserve's Sept. 16 rate rise. Oil’s dip can be attributed to hopes that a deal will be struck between the U.S. and Iran, with a Qatari mediator currently in New York having talks with U.S. officials, while Iranian President Masoud Pezeshkian is scheduled to address the UN General Assembly later today

S. equity futures sat close to unchanged, leaving crypto as one of the few places with a bid at all.



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