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 resistance from sellers during the Asian morning session on Monday, thereby halting its ascent towards the $80,000 mark for the first time since January. By Monday morning, Bitcoin had fallen to $77,705, representing a 0.4% decline over 24 hours, after having surged to $79,399 around 09:00 IST and subsequently reversing its gains throughout the Asian session. Meanwhile, Ether dropped 2.4% to $2,329, Solana decreased 1.9% to $86, and BNB slid 1.2% to $630, as the rally that propelled Bitcoin to its highest level since January 31 dissipated by mid-morning in Singapore. The recent upswing was sparked by a report from Axios indicating that Iran had proposed a new plan to the U.S. to reopen the Strait of Hormuz, with nuclear talks postponed until after the U.S. naval blockade is lifted. The news led to a surge in Asian equities, with the MSCI Asia Pacific Index rising 1.7%, the emerging markets index reaching a record high, and Taiwan Semiconductor Manufacturing jumping 6% to a new record. However, Bitcoin's attempt to break through the $79,000 barrier was met with resistance, and its rejection at $79,399 has been attributed to technical factors. According to Rachael Lucas, an analyst at BTC Markets, the $80,000 mark is where many recent buyers are approaching breakeven, which historically leads to selling pressure as traders exit positions they had been holding at a loss for weeks. Despite this, Bitcoin has seen a 16% increase in April, putting it on track for its first double-digit monthly gain since May 2025. Additionally, Strategy has purchased $3.9 billion worth of Bitcoin this month, marking the firm's largest monthly accumulation in a year. The funding rates for perpetual futures across major exchanges remain negative on a 7-day basis at -0.13% per Coinglass, indicating that shorts are still paying longs to hold positions, which could lead to a squeeze if the spot price can hold above the $79,000 level that has now been rejected three times. The Federal Reserve and European Central Bank are both set to make policy decisions this week, and the earnings reports of the four largest U.S. companies by market cap are also expected, which could potentially provide the catalyst needed to propel Bitcoin's price forward.