For the second consecutive day, the cryptocurrency market experienced a decline on Tuesday, with bitcoin and ether each losing approximately 0.75% since midnight UTC. This downturn follows two failed attempts by bitcoin to break through the $80,000 resistance level over the past week, the most recent occurring during Asian trading hours on Monday. The enthusiasm from last week's significant price jump from $70,000 to $79,500 is starting to wane as several key indicators have turned bearish, including the negative flip of the Coinbase Premium index, signaling decreased demand from US investors.
US stock markets are also expected to open lower, with Nasdaq 100 futures down 0.5% and the US dollar index up 0.25% since midnight UTC. The stalled peace negotiations between Iran and the US continue to impact traditional markets, with Brent crude oil now consistently above $105 per barrel.
The positioning of derivatives and other market factors are also being closely watched.