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 session. The cryptocurrency had been poised to reach $80,000 for the first time since January. By Monday morning, Bitcoin was trading at $77,705, representing a 0.4% decline over 24 hours. Other cryptocurrencies, including Ether, Solana, and BNB, also experienced declines of 2.4%, 1.9%, and 1.2%, respectively. The rally that had lifted Bitcoin to its highest level since January 31 lost momentum by mid-morning in Singapore. The initial surge was sparked by a report that Iran had proposed a new plan to the US to reopen the Strait of Hormuz, contingent upon the lifting of the US naval blockade. Asian equities responded positively, with the MSCI Asia Pacific Index rising 1.7% and Taiwan Semiconductor Manufacturing reaching a record high. However, Bitcoin's attempt to break through the $79,000 barrier was met with selling pressure, attributed to recent buyers approaching breakeven points. Despite this, Bitcoin remains up 16% in April, on track for its first double-digit monthly gain since May 2025. Significant events this week, including policy decisions from the Federal Reserve and European Central Bank, as well as major tech earnings, could potentially provide the catalyst for a breakout.