Crypto Market Loses Steam as Bitcoin Struggles Above $80,000

The cryptocurrency market is exhibiting caution as it struggles to regain momentum following a recent surge. On Tuesday, both bitcoin and ether saw declines of around 0.75% in value, marking the second consecutive day of losses.

Bitcoin's failure to break above the $80,000 resistance level has led to a shift in sentiment among traders. Several key price indicators have turned bearish, including the Coinbase Premium index, which is now negative. This suggests that demand from US investors is waning.

The broader market is also feeling the effects of the decline, with crypto futures open interest falling by over 1% to $120 billion in the past 24 hours. Trading volume has dropped by 3%, and liquidations have decreased by 8%. These indicators suggest a cooling in market activity.