On Tuesday, the cryptocurrency market saw its second consecutive day of decline, with bitcoin and ether each dropping 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, the most recent of which occurred during Monday's Asian trading hours.
The enthusiasm from last week's surge from $70,000 to $79,500 is waning as several key price indicators turn bearish, including the Coinbase Premium index, which has flipped negative, signaling dwindling demand from US investors. US equities are also poised 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, pushing Brent crude oil firmly above $105 per barrel.
Derivatives positioning and market sentiment are also being closely monitored.