On Tuesday, the cryptocurrency market experienced its second consecutive day of decline, with bitcoin and ether each losing approximately 0.75% since midnight UTC. The downturn follows two unsuccessful attempts by bitcoin to break through the $80,000 resistance level over the past week, the most recent of which occurred during Asian trading hours on Monday.
As a result, the enthusiasm from last week's price surge from $70,000 to $79,500 is starting to wane, with several key price indicators turning bearish, including the Coinbase Premium index, which has flipped negative, signaling decreased demand from US investors. Additionally, 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 by 0.25%.
The stalled peace negotiations between Iran and the US continue to impact traditional markets, with Brent crude oil now firmly above $105 per barrel. The derivatives market positioning is also worth noting, as it provides insight into the current market sentiment.