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 Monday's Asian morning session, 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 experiencing a sharp reversal during the Asia session. Meanwhile, Ether experienced a 2.4% decline to $2,329, Solana fell 1.9% to $86, and BNB dropped 1.2% to $630. The rally that propelled Bitcoin to its highest level since January 31 lost momentum by mid-morning Singapore time. The upward push was triggered 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. 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 new record. Brent crude pared its initial 2.5% gains to end up 1% at $106.50 per barrel. Bitcoin briefly moved in tandem with the risk-on sentiment before diverging. The rejection at $79,399 can be attributed to technical factors, as Rachael Lucas, an analyst at BTC Markets, noted that $80,000 is the point at which many recent buyers are approaching break-even, historically leading to selling pressure as traders exit positions they had been holding at a loss for weeks. Bitcoin has gained 16% in April, on track for its first double-digit monthly increase since May 2025. Strategy has purchased $3.9 billion worth of Bitcoin this month, according to Bloomberg, marking the firm's largest monthly accumulation in a year. 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 is a structural setup that could lead to a squeeze if the spot price can maintain its position above the $79,000 level that 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 U.S. companies by market capitalization are also due. 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 $79,000 in eight sessions may define the range rather than precede a breakout.