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