The cryptocurrency market experienced its second consecutive daily decline on Tuesday, with both bitcoin and ether dropping approximately 0.75% since midnight UTC. This downturn follows two unsuccessful attempts by bitcoin to surpass the $80,000 resistance level over the past week, the most recent of which occurred during Asian trading hours on Monday. The enthusiasm sparked by last week's price surge from $70,000 to $79,500 is starting to wane as several key price indicators turn bearish, including the Coinbase Premium index flipping negative, signaling dwindling demand from US investors. US equities are poised to open lower on Tuesday, with Nasdaq 100 futures down 0.5% since midnight UTC, while the US dollar index has risen 0.25%.
Ongoing stalled peace negotiations between Iran and the US continue to influence traditional markets, with Brent crude oil now firmly above $105 per barrel. Derivatives positioning and market sentiment are also being closely watched.