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 repeated inability to surpass the $80,000 resistance level over the past week, including its most recent attempt 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 key price indicators turn bearish, such as the Coinbase Premium index moving into negative territory, signaling decreased demand from US investors. US equities are also expected to open lower, with Nasdaq 100 futures down 0.5% since midnight UTC, while the US dollar index has risen 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.
Derivatives positioning and market sentiment are also being closely watched.