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

Following a surge to a 12-week high of $79,399, Bitcoin experienced a sharp reversal during Asian morning hours on Monday as sellers stepped in, halting the asset's trajectory towards $80,000 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. The cryptocurrency had reached $79,399 around 09:00 IST before plummeting. Meanwhile, other major cryptocurrencies such as Ether, Solana, and BNB also saw declines of 2.4%, 1.9%, and 1.2%, respectively. The rally, which had propelled Bitcoin to its highest level since January 31, began to unwind by mid-morning Singapore time. This development was preceded 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 delayed until after the U.S. 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 brief alignment with this trend was short-lived, as it soon deviated from the risk-on move. According to analyst Rachael Lucas, the rejection at $79,399 can be attributed to the fact that $80,000 is a crucial breakeven point for many recent buyers, which has historically led to selling pressure. Despite this, Bitcoin remains up 16% in April, poised for its first double-digit monthly gain since May 2025. Furthermore, Strategy has purchased $3.9 billion worth of Bitcoin this month, marking the firm's largest monthly accumulation in a year. With funding rates on perpetual futures remaining negative, the stage is set for a potential squeeze if the spot price can hold above $79,000. This week, the Federal Reserve and European Central Bank are scheduled to make policy decisions, while the four largest U.S. companies by market cap will release their earnings reports, potentially providing the catalyst needed to propel Bitcoin forward.