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 resistance from sellers during Monday's Asian morning session, thereby curbing its ascent towards the $80,000 mark for the first time since January. The cryptocurrency was valued at $77,705 on Monday morning, representing a 0.4% decline over the past 24 hours, after having peaked at $79,399 around 09:00 IST and subsequently experiencing a sharp reversal throughout the Asian session. Concurrently, Ether declined by 2.4% to $2,329, while Solana and BNB decreased by 1.9% and 1.2%, respectively, to $86 and $630. The rally that propelled bitcoin to its highest level since January 31 dissipated by mid-morning Singapore time. This development was precipitated by a report from Axios indicating that Iran had proposed a new initiative to the United States aimed at reopening the Strait of Hormuz, with nuclear negotiations postponed until after the lifting of the U.S. naval blockade. In response, Asian equities experienced a surge, with the MSCI Asia Pacific Index rising by 1.7%, the emerging markets index reaching a record high, and Taiwan Semiconductor Manufacturing increasing by 6% to achieve its own record. Meanwhile, Brent crude pared its earlier gains of 2.5% to record a 1% increase at $106.50 per barrel. Bitcoin initially traded in tandem with the risk-on move before diverging. The rejection at $79,399 can be attributed to technical factors. According to Rachael Lucas, an analyst at BTC Markets, the $80,000 threshold is where numerous recent buyers are approaching breakeven, a level that historically generates selling pressure as traders exit positions that were previously unprofitable for weeks. Bitcoin has experienced a 16% increase in April, positioning it for its first double-digit monthly gain since May 2025. Strategy has acquired $3.9 billion worth of bitcoin this month, as reported by Bloomberg, marking the firm's largest monthly accumulation in a year. 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 scheduled to announce policy decisions this week, while megacap tech earnings will include the four largest U.S. companies by market capitalization. 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.