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 seller wall, prompting a reversal during Monday's Asian morning hours. This downturn followed a rally that had positioned the asset for a potential surge to $80,000, a level not seen since January. On Monday morning, Bitcoin was valued at $77,705, representing a 0.4% decrease over the past 24 hours. Other cryptocurrencies, such as Ether, Solana, and BNB, also experienced declines, with Ether slipping 2.4% to $2,329, Solana falling 1.9% to $86, and BNB declining 1.2% to $630. The rally that drove Bitcoin to its highest level since January 31 lost momentum by mid-morning in Singapore. The initial surge was reportedly triggered by news of Iran's proposal to the U.S. to reopen the Strait of Hormuz, which was followed by a delay in nuclear talks until after the U.S. naval blockade is lifted. Asian equities responded positively, with the MSCI Asia Pacific Index rising 1.7% and Taiwan Semiconductor Manufacturing reaching a record high of 6%. However, Bitcoin's attempt to break through the $79,000 level was met with resistance, and it subsequently pulled back. According to analyst Rachael Lucas, the rejection at $79,399 can be attributed to 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, putting it on track for its first double-digit monthly gain since May 2025. Notably, strategy bought $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. 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 cap may provide the catalyst needed for Bitcoin's price movement.