The cryptocurrency market experienced its second consecutive day of decline on Tuesday, with both bitcoin and ether losing approximately 0.75% since midnight UTC. This downturn follows bitcoin's failed attempts to break through the $80,000 resistance level over the past week, with the most recent attempt occurring during Asian trading hours on Monday. The enthusiasm from last week's significant 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 equities are also expected to open lower on Tuesday, with Nasdaq 100 futures trading 0.5% lower since midnight UTC, while the US dollar index is up 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 also being closely watched.