On Tuesday, the cryptocurrency market saw a decline for the second consecutive day, with bitcoin and ether both dropping by 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, with the most recent attempt 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 price indicators turn bearish, including the Coinbase Premium index, which has flipped negative, signaling decreased demand from US investors. Meanwhile, US equities are expected to open lower on Tuesday, with Nasdaq 100 futures down 0.5% since midnight UTC, while the US dollar index has risen by 0.25%.
Ongoing stalled peace talks between Iran and the US continue to impact traditional markets, with Brent crude oil prices now firmly above $105 per barrel. The derivatives market also reflects a cautious investor sentiment.