Bitcoin consolidates near $86,000 as rally and bitcoin cash jumps 32%

Key Points:

• Bitcoin is consolidating near $86,000, trading at $86,379 with a slight 0.24% increase since midnight UTC, although daily volume has decreased by 36% to $38 billion following Monday's breakout.
• Market breadth has narrowed sharply with 38 of the top 100 CoinDesk constituents declining on the day, signaling recent weakening despite the overall index rising 0.67%.
• Brent crude oil prices fell below $100 for the first time since September 9, driven by optimism about a potential U.S.-Iran deal, easing energy-driven inflation concerns after the Federal Reserve's recent rate hike.
• Bitcoin cash surged 32% in 24 hours to $351.59, boosted by the CME's announcement of futures listing, supported by increased open interest and positive funding rates indicating a sustained rally.
• Crypto futures volume dropped 21% to $227 billion, with open interest rising slightly and a shift towards short positions, suggesting the market may be positioning for a pullback despite stable Bitcoin open interest.