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 selling pressure during Monday's Asian morning session, thereby halting its advance towards the $80,000 mark for the first time since January. As of Monday morning, Bitcoin was trading at $77,705, down 0.4% over the past 24 hours, after peaking at $79,399 around 09:00 IST and subsequently reversing course throughout the Asian session. Other cryptocurrencies also experienced declines, with Ether dropping 2.4% to $2,329, Solana falling 1.9% to $86, and BNB decreasing 1.2% to $630. The rally that propelled Bitcoin to its highest level since January 31 dissipated by mid-morning Singapore time. The upward push was triggered by a report from Axios stating that Iran had proposed a new plan to the U.S. to reopen the Strait of Hormuz, with nuclear talks postponed until after the U.S. naval blockade is lifted. Asian equities reacted positively, with the MSCI Asia Pacific Index rising 1.7%, the emerging markets index reaching a record high, and Taiwan Semiconductor Manufacturing surging 6% to a record level. Brent crude oil also pared its earlier 2.5% gains, ending up 1% at $106.50 per barrel. Initially, Bitcoin moved in tandem with the risk-on sentiment but later deviated. The rejection at $79,399 can be technically explained. According to Rachael Lucas, an analyst at BTC Markets, the $80,000 level is where many recent buyers are approaching breakeven, which historically leads to selling pressure as traders exit positions they held at a loss for weeks. Bitcoin has gained 16% in April, on track for its first double-digit monthly increase since May 2025. Strategy has purchased $3.9 billion worth of Bitcoin this month, the firm's largest monthly accumulation in a year, as reported by Bloomberg. Funding rates on perpetual futures across major exchanges remain negative on a 7-day basis at -0.13% per Coinglass, indicating that shorts are still paying longs to maintain positions. This structural setup can lead to a squeeze if the spot price can hold above the $79,000 level, which has now been rejected three times. The Federal Reserve and European Central Bank are set to make policy decisions this week, and the earnings of the four largest U.S. companies by market capitalization will be released. Either the Fed's decision or a single earnings beat could provide the catalyst the Bitcoin market has been lacking. Without such a catalyst, the third rejection from $79,000 in eight sessions may define the range rather than precede a breakout.