Bitcoin Retreats From 12-Week Peak Amid Selling Pressure at $79,400

Bitcoin, with the symbol BTC, reached a high of $79,399 before encountering selling pressure during the Asian morning session on Monday, thereby halting its ascent towards the $80,000 mark for the first time since January. As of Monday morning, Bitcoin was trading at $77,705, representing a 0.4% decline over the past 24 hours, after having peaked at $79,399 around 09:00 IST and subsequently reversing its course during the Asian session. Meanwhile, Ether experienced a 2.4% decline to $2,329, Solana fell by 1.9% to $86, and BNB decreased by 1.2% to $630. The rally that propelled Bitcoin to its highest level since January 31 lost momentum by mid-morning Singapore time. This surge was triggered by a report from Axios stating 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. As a result, Asian equities saw a significant uptick, with the MSCI Asia Pacific Index rising by 1.7%, the emerging markets index reaching a record high, and Taiwan Semiconductor Manufacturing surging 6% to its own record. Brent crude pared its earlier 2.5% gains to finish 1% higher at $106.50 per barrel. Initially, Bitcoin moved in tandem with the risk-on momentum but later deviated from it. According to Rachael Lucas, an analyst at BTC Markets, the rejection at $79,399 can be attributed to the fact that $80,000 is the point at which many recent buyers are approaching breakeven, historically leading to selling pressure as traders exit positions they had been holding at a loss for weeks. Bitcoin has seen a 16% increase in April, putting it on track for its first double-digit monthly gain since May 2025. Strategy has purchased $3.9 billion worth of Bitcoin this month, marking the firm's largest monthly accumulation in a year, as per Bloomberg. 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. This structural setup can lead to a squeeze if spot prices can maintain their position above the $79,000 level, which has now been rejected three times. The Federal Reserve and European Central Bank are set to make policy decisions this week, and the earnings of major tech companies, including the four largest U.S. companies by market capitalization, are also scheduled to be released. Either the Fed's decision or a single earnings beat could provide the catalyst that the Bitcoin market has been lacking. Without such a catalyst, the third rejection from the $79,000 level in eight sessions may define the range rather than precede a breakout.