Bitcoin Retracts from 12-Week Peak as Sellers Intervene at $79,400

Bitcoin, with the ticker symbol BTC, reached a 12-week high of $79,399 during overnight trading before encountering resistance from sellers in the Asian morning session on Monday, thereby halting its ascent towards the $80,000 mark for the first time since January. As of Monday morning, Bitcoin was valued at $77,705, representing a 0.4% decline over the past 24 hours, after peaking at $79,399 around 09:00 IST and subsequently experiencing a sharp reversal throughout the Asian session. Meanwhile, Ether experienced a 2.4% decline to $2,329, Solana dipped 1.9% to $86, and BNB decreased by 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 prompted by a report from Axios indicating 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 a new record. Brent crude pared its earlier 2.5% gains, ultimately rising 1% to $106.50 per barrel. Bitcoin initially traded in tandem with the risk-on move but later diverged. The rejection at $79,399 can be explained technically. According to Rachael Lucas, an analyst at BTC Markets, the $80,000 mark is where many recent buyers are approaching breakeven, which historically leads to selling pressure as traders exit positions they have been underwater on 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 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 the spot price can maintain its position above the $79,000 level, which has now been rejected three times. The Federal Reserve and European Central Bank are scheduled to make policy decisions this week, and the earnings reports of the four largest U.S. companies by market capitalization are also anticipated. Either the Fed's decision or a single earnings beat could provide the necessary catalyst for the Bitcoin market, which has been lacking. Without such a catalyst, the third rejection from the $79,000 level in eight sessions may define the range rather than precede a breakout.