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, dampening its momentum towards the $80,000 mark for the first time since January. The asset traded at $77,705 on Monday morning, representing a 0.4% decline over 24 hours, after peaking at $79,399 around 09:00 IST and subsequently reversing direction throughout the Asian session. Meanwhile, Ether experienced a 2.4% drop to $2,329, Solana fell by 1.9% to $86, and BNB declined by 1.2% to $630. The rally that propelled bitcoin to its highest level since January 31 lost steam 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 responded 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 set its own record. Brent crude pared its earlier 2.5% gains to finish 1% higher at $106.50 per barrel. Bitcoin initially moved in tandem with the risk-on sentiment before diverging. The rejection at $79,399 can be attributed to a clean technical explanation. According to Rachael Lucas, an analyst at BTC Markets, the $80,000 mark is where many recent buyers are approaching breakeven, historically resulting in selling pressure as traders exit positions they had been holding at a loss for weeks. Bitcoin has seen a 16% increase in April, putting it on track for its first double-digit monthly gain since May 2025. Strategy has purchased $3.9 billion worth of bitcoin this month, the largest monthly accumulation in a year, as reported by Bloomberg. Funding rates for 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 hold positions. This structural setup can lead to a squeeze if spot prices 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 megacap tech earnings will include the four largest U.S. companies by market capitalization. Either the Fed 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.