On Tuesday, the cryptocurrency market experienced its second consecutive day of decline, with bitcoin and ether each dropping approximately 0.75% since midnight UTC. This downturn follows two failed attempts by bitcoin 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 price surge, which saw bitcoin jump from $70,000 to $79,500, is starting to wane as several key price indicators have turned bearish.
Notably, the Coinbase Premium index 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 0.25%.
Ongoing stalled peace negotiations between Iran and the US continue to influence traditional markets, with Brent crude oil now firmly above $105 per barrel. The current state of derivatives positioning and market sentiment also warrants attention.