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 and retreating to $77,111.57. This downturn occurred during Monday's Asian morning hours, hindering the asset's potential run to $80,000 for the first time since January. As of Monday morning, Bitcoin was trading at $77,705, marking a 0.4% decline over the past 24 hours. The prices of other cryptocurrencies, including Ether, Solana, and BNB, also experienced declines of 2.4%, 1.9%, and 1.2%, respectively. The rally that pushed Bitcoin to its highest level since January 31 was reversed by mid-morning in Singapore. The initial surge was attributed to a report by Axios regarding Iran's proposal to the U.S. to reopen the Strait of Hormuz, which was contingent upon the lifting of the U.S. naval blockade. This development led to an increase in Asian equities, with the MSCI Asia Pacific Index rising by 1.7% and the emerging markets index reaching a record high. However, Bitcoin's attempt to reach $80,000 was met with resistance, and its rejection at $79,399 can be explained by the presence of many recent buyers approaching breakeven at the $80,000 mark. Historically, this has resulted in selling pressure as traders close their underwater positions. Despite the rejection, Bitcoin has seen a 16% increase in April and is on track for its first double-digit monthly gain since May 2025. 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 capitalization may provide the necessary catalyst for Bitcoin's price movement.