On Tuesday, the cryptocurrency market experienced its second consecutive day of decline, with bitcoin and ether both dropping approximately 0.75% since midnight UTC. This downturn follows bitcoin's failure to surpass the $80,000 resistance level on two occasions over the past week, with the most recent attempt occurring during Asian trading hours on Monday.
The enthusiasm from last week's significant price surge from $70,000 to $79,500 is starting to wane as multiple key price indicators turn bearish, including the Coinbase Premium index, which has flipped negative, signaling a decline in demand from US investors. US equities are expected to open lower on Tuesday, with Nasdaq 100 futures trading 0.5% lower since midnight UTC, while the US dollar index has risen by 0.25%.
The stalled peace negotiations between Iran and the US continue to influence traditional markets, with Brent crude oil now firmly above $105 per barrel. Additionally, derivatives positioning is being closely monitored.