Bitcoin Retreats From 12-Week Peak As Sellers Intervene At $79,400

Bitcoin, trading at $77,457.81, reached a 12-week high of $79,399 before encountering a selling wall, causing a sharp reversal during Monday's Asian morning session. This move derailed the asset's potential run to $80,000, a level not seen since January. By Monday morning, Bitcoin had declined 0.4% to $77,705, following its ascent to $79,399 and subsequent sharp drop during the Asia session. Other cryptocurrencies also saw declines, with Ether down 2.4% to $2,329, Solana falling 1.9% to $86, and BNB decreasing 1.2% to $630. The rally that propelled Bitcoin to its highest level since January 31 lost momentum by mid-morning in Singapore. The initial push higher was reportedly driven by news of Iran's proposal to the U.S. to reopen the Strait of Hormuz, with nuclear talks postponed until after the U.S. naval blockade is lifted. Asian equities responded positively, with the MSCI Asia Pacific Index rising 1.7%, the emerging markets index reaching a record high, and Taiwan Semiconductor Manufacturing surging 6% to a new record. However, Bitcoin's move was short-lived, and it eventually detached from the broader risk-on sentiment. The rejection at $79,399 can be attributed to the technical aspect, where $80,000 marks the breakeven point for many recent buyers, historically leading to selling pressure as traders exit underwater positions. Despite this, Bitcoin remains up 16% in April, poised for its first double-digit monthly gain since May 2025, with significant accumulation by strategy buyers. Funding rates on perpetual futures remain negative, indicating that shorts are still paying longs to hold positions, setting the stage for a potential squeeze if Bitcoin can hold above the $79,000 level. With the Federal Reserve and European Central Bank set to announce policy decisions, and key tech earnings on the horizon, a catalyst for Bitcoin's next move may be imminent.