Crypto markets cooled after Monday's rally, with bitcoin eyeing support near $72,000–$74,000 even as derivatives positioning remains broadly bullish and altcoins see deeper profit-taking.
Nasdaq 100 and S&P 500 futures, in contrast, rose by 0.6% despite oil trading above $100 per barrel and the war in Iran continuing to rage.
Despite the decline in crypto markets, the average relative strength index (RSI) remains firmly in "overbought" territory, suggesting further drops toward $72,000 may be on the cards.
However, such a move would resemble a period of consolidation after bitcoin rose by more than 15% from $65,000 since March 8.
A bounce between $72,000 and $74,000 would indicate a fresh level of support being formed, potentially serving as a platform for an ascent to above $80,000.