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

Bitcoin reached a 12-week high of $79,399 before encountering a seller wall, prompting a reversal during Monday's Asian morning session. The asset had been poised for a potential run to $80,000 for the first time since January. At the time of writing, Bitcoin was trading at $77,705, representing a 0.4% decline over 24 hours. Other major cryptocurrencies also experienced declines, with Ether down 2.4% to $2,329, Solana falling 1.9% to $86, and BNB slipping 1.2% to $630. The rally that had lifted Bitcoin to its highest level since January 31 lost momentum by mid-morning in Singapore. This came after a report from Axios indicated that Iran had proposed a new plan to the US to reopen the Strait of Hormuz, with nuclear talks delayed until the US naval blockade is lifted. The news sparked a risk-on move in Asian equities, with the MSCI Asia Pacific Index rising 1.7% and Taiwan Semiconductor Manufacturing surging 6% to a record high. However, Bitcoin's push higher was short-lived, and the rejection at $79,399 has been attributed to the approach of the $80,000 level, where many recent buyers are nearing breakeven. Historically, this has led to selling pressure as traders exit positions that were previously underwater. Despite the setback, Bitcoin remains up 16% in April and is on track for its first double-digit monthly gain since May 2025. Strategic buyers have accumulated $3.9 billion worth of Bitcoin this month, the largest monthly accumulation in a year. Funding rates on perpetual futures across major exchanges remain negative, indicating that shorts are still paying longs to hold positions. This setup could lead to a squeeze if the spot price can hold 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 reports of the four largest US companies by market cap could provide a catalyst for Bitcoin's price movement.