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 a selling barrier, leading to a reversal during Monday's Asian trading session. This move derailed the asset's potential run towards the $80,000 mark for the first time since January. By Monday morning, Bitcoin was trading at $77,705, marking a 0.4% decline over the past 24 hours. Other cryptocurrencies such as Ether, Solana, and BNB also experienced declines of 2.4%, 1.9%, and 1.2%, respectively. The rally that propelled Bitcoin to its highest level since January 31 lost momentum by mid-morning in Singapore. The initial push higher was attributed to a report from Axios indicating Iran's proposal to the U.S. to reopen the Strait of Hormuz, with nuclear talks postponed until after the U.S. naval blockade is lifted. This development led to a surge in Asian equities, with the MSCI Asia Pacific Index rising 1.7% and the emerging markets index reaching a record high. However, Bitcoin's attempt to break through the $79,000 barrier was met with resistance, and its brief alignment with the risk-on move in the markets was short-lived. According to analyst Rachael Lucas, the rejection at $79,399 can be technically explained by the fact that many recent buyers are approaching the breakeven point at $80,000, historically a level that generates selling pressure. Despite this, Bitcoin has seen a 16% increase in April, positioning it for its first double-digit monthly gain since May 2025. With strategy buying $3.9 billion worth of Bitcoin this month, the largest monthly accumulation in a year, and negative funding rates on perpetual futures, the stage is set for a potential squeeze if the spot price can hold above $79,000. The upcoming policy decisions by the Federal Reserve and European Central Bank, along with the release of megacap tech earnings, could provide the catalyst needed for a breakout.