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

Bitcoin, with the symbol BTC, reached a 12-week high of $79,399 before encountering selling pressure during Asian morning hours on Monday, halting a rally poised to push the asset to $80,000 for the first time since January. By Monday morning, Bitcoin was trading at $77,705, down 0.4% over the past 24 hours, after peaking at $79,399 around 09:00 IST and sharply reversing during the Asia session. Other cryptocurrencies also saw declines, with Ether dropping 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 Singapore time. The surge was prompted by a report from Axios indicating Iran had proposed a new plan to the U.S. to reopen the Strait of Hormuz, with nuclear talks delayed 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 record high. Brent crude also pared earlier gains, up 1% at $106.50 a barrel. Initially, Bitcoin moved in tandem with the risk-on sentiment before deviating. The rejection at $79,399 can be technically explained. According to Rachael Lucas, an analyst at BTC Markets, the $80,000 mark is where many recent buyers are nearing breakeven, historically leading to selling pressure as traders exit positions they had been holding at a loss for weeks. Despite this, Bitcoin is up 16% in April, on track for its first double-digit monthly gain since May 2025. Strategy has bought $3.9 billion of Bitcoin this month, the firm's largest monthly accumulation in a year, according to Bloomberg. Funding rates on perpetual futures across major exchanges remain negative on a 7-day basis at -0.13% per Coinglass, indicating shorts are still paying longs to hold positions, a setup that could lead to a squeeze if spot prices can hold above the $79,000 level that has now been rejected three times. With the Federal Reserve and European Central Bank set to make policy decisions this week, and megacap tech earnings including the four largest U.S. companies by market cap, either the Fed or a single earnings beat could provide the catalyst the Bitcoin market has been lacking. Without such a catalyst, the third rejection from $79,000 in eight sessions may define the range rather than precede a breakout.