Bitcoin Retreats from 12-Week Peak as Rally Hits Resistance at $79,400

Bitcoin, with the symbol BTC, 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 to reach $80,000 for the first time since January. By Monday morning, Bitcoin was trading at $77,705, down 0.4% over the past 24 hours. Other cryptocurrencies also saw declines, with Ether down 2.4% to $2,329, Solana falling 1.9% to $86, and BNB declining 1.2% to $630. The rally that had lifted Bitcoin to its highest level since January 31 lost momentum by mid-morning in Singapore. The initial push higher was driven by a report from Axios regarding Iran's proposal to the US to reopen the Strait of Hormuz, which had been delayed due to nuclear talks. Asian equities responded positively, with the MSCI Asia Pacific Index rising 1.7% and Taiwan Semiconductor Manufacturing surging 6% to a record high. However, Bitcoin's attempt to reach $80,000 was met with resistance, and it peeled away from the risk-on move. According to analyst Rachael Lucas, the rejection at $79,399 can be explained technically, as $80,000 is a level where many recent buyers are approaching breakeven, historically leading to selling pressure. Despite this, Bitcoin is up 16% in April, on track for its first double-digit monthly gain since May 2025. Strategy has bought $3.9 billion of Bitcoin this month, the largest monthly accumulation in a year. Funding rates on perpetual futures remain negative, indicating that shorts are still paying longs to hold positions. The Federal Reserve and European Central Bank have policy decisions this week, and major tech earnings are also expected, which could provide the catalyst for Bitcoin's next move.