The cryptocurrency market experienced its second consecutive daily decline on Tuesday, with both bitcoin and ether losing 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 significant price surge from $70,000 to $79,500 is starting to wane, as several key indicators have turned bearish, including the Coinbase Premium index, which has flipped negative, signaling dwindling demand from US investors. Meanwhile, US equities are poised to open lower, with Nasdaq 100 futures trading 0.5% down 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. Furthermore, derivatives positioning and market sentiment are also worth noting.