The cryptocurrency market experienced its second consecutive daily decline on Tuesday, with both bitcoin and ether dropping approximately 0.75% since midnight UTC. This 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 Monday's Asian trading hours.
The enthusiasm from last week's significant price surge, from $70,000 to $79,500, is waning as key indicators turn bearish, including the Coinbase Premium index, which has flipped negative, signaling diminishing demand from US investors. US stock markets are also poised to open lower, with Nasdaq 100 futures down 0.5% and the US dollar index up 0.25% since midnight UTC. The stalemate in peace negotiations between Iran and the US continues to influence traditional markets, with Brent crude oil now steadily above $105 per barrel.
The derivatives market also reflects a cautious approach, with positioning indicating reduced risk appetite and subdued volatility.