Bitcoin Retreats From 12-Week Peak as Sellers Intervene at $79,400

Bitcoin reached a 12-week high of $79,399 before encountering selling pressure during Monday's Asian morning session, halting its ascent towards $80,000. The cryptocurrency traded at $77,705, down 0.4% over 24 hours, after reversing its gains. Other major cryptocurrencies, including Ether, Solana, and BNB, also experienced declines. The initial surge was sparked by reports of a potential US-Iran agreement, leading to a rise in Asian equities and a record high for the MSCI Asia Pacific Index. However, Bitcoin's rally was short-lived, with the $79,399 level proving to be a significant resistance point. Analysts attribute this to the fact that many recent buyers are nearing breakeven at $80,000, leading to increased selling pressure. Despite this, Bitcoin remains up 16% in April, with institutional investors accumulating $3.9 billion in the cryptocurrency this month. The market is now awaiting potential catalysts, including Federal Reserve and European Central Bank policy decisions, as well as major tech earnings, to determine the next direction for Bitcoin.