The cryptocurrency market has fallen for the second consecutive day, with bitcoin and ether both experiencing a decline of approximately 0.75% since midnight UTC. This downturn follows bitcoin's repeated failure to surpass 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 a decrease in demand from US investors. Meanwhile, US equities are expected to open lower, with Nasdaq 100 futures trading 0.5% lower, and the US dollar index is up by 0.25%. Ongoing stalled peace talks between Iran and the US continue to impact traditional markets, with Brent crude oil now firmly above $105 per barrel. Additionally, derivatives positioning is also being closely watched.