Bitcoin Retracts 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 session. The cryptocurrency had been poised to reach $80,000 for the first time since January. At the time of writing, Bitcoin was trading at $77,705, representing a 0.4% decline over the past 24 hours. Other notable cryptocurrencies, such as Ether, Solana, and BNB, also experienced declines of 2.4%, 1.9%, and 1.2%, respectively. The rally, which had driven Bitcoin to its highest level since January 31, lost momentum by mid-morning in Singapore. This development was preceded by a report from Axios indicating that Iran had proposed a new plan to the US to reopen the Strait of Hormuz, with nuclear talks delayed until the US 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 attempt to join this upward trend was short-lived, as it peeled away and faced rejection at $79,399. According to analyst Rachael Lucas, the $80,000 mark is where many recent buyers are approaching breakeven, historically leading to selling pressure as traders exit underwater positions. Notably, Bitcoin has gained 16% in April, putting it on track for its first double-digit monthly gain since May 2025. Strategy has accumulated $3.9 billion worth of Bitcoin this month, the largest monthly accumulation in a year. Despite this, funding rates on perpetual futures remain negative, indicating that shorts are still paying longs to hold positions. The upcoming policy decisions by the Federal Reserve and European Central Bank, along with megacap tech earnings, could provide the necessary catalyst for Bitcoin's price movement. If not, the repeated rejection from the $79,000 level may define the range rather than precede a breakout.