On Tuesday, crypto traders showed increased caution as bitcoin (BTC) dipped below $80,000 and continued its decline for the second consecutive day. By midnight UTC, both bitcoin, trading at $76,456.59, and ether (ETH) experienced a roughly 0.75% decrease. This downturn follows bitcoin’s unsuccessful attempts to surpass the $80,000 resistance threshold twice in the past week, with the latest effort taking place during Monday’s Asian hours.
The excitement from last week’s surge to $79,500 from $70,000 is starting to wane, as several key price indicators have turned bearish. Notably, the Coinbase Premium index has gone negative, indicating reduced demand among U.S. investors.
In tandem, U.S. equities are poised for a downturn on Tuesday. Nasdaq 100 futures are trading down by 0.5% since midnight UTC, while the U.S. dollar index (DXY) has risen by 0.25%. Meanwhile, stalled negotiations between Iran and the U.S. continue to influence traditional markets, pushing Brent crude oil prices above $105 per barrel.