The cryptocurrency market experienced its second day of decline on Tuesday, with bitcoin and ether both dropping approximately 0.75% since midnight UTC. This downturn follows bitcoin's unsuccessful 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 price surge from $70,000 to $79,500 is starting to wane as 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, 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 impact traditional markets, with Brent crude oil now firmly above $105 per barrel.
Derivatives positioning and market trends are also being closely watched.