The cryptocurrency market experienced its second consecutive day of decline on Tuesday, with both bitcoin and ether losing 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 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 indicators turn bearish, including the Coinbase Premium index, which has flipped negative, signaling decreased demand from US investors. Meanwhile, US stocks are poised to open lower, with Nasdaq 100 futures down 0.5% and the US dollar index up 0.25% since midnight UTC. Ongoing stalled peace negotiations between Iran and the US continue to influence traditional markets, with Brent crude oil now consistently above $105 per barrel. The positioning of derivatives and the overall market sentiment also contribute to the current cautious attitude among crypto traders.