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 ascent towards the $80,000 mark for the first time since January. As of Monday morning, Bitcoin was trading at $77,705, representing a 0.4% decline over the past 24 hours, after it had surged to $79,399 around 09:00 IST and subsequently experienced a sharp reversal during the Asian session. Meanwhile, Ether experienced a 2.4% decline to $2,329, Solana fell by 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 negotiations delayed until after the U.S. naval blockade is lifted. Asian equities responded positively, with the MSCI Asia Pacific Index rising by 1.7%, the emerging markets index reaching a record high, and Taiwan Semiconductor Manufacturing surging 6% to its own record. Brent crude pared its earlier 2.5% gains to a 1% increase at $106.50 per barrel. Bitcoin initially traded in tandem with the risk-on move but then diverged. The rejection at $79,399 can be attributed to technical factors. According to Rachael Lucas, an analyst at BTC Markets, the $80,000 mark is where many recent buyers are approaching break-even, which historically leads to selling pressure as traders exit positions they had been holding at a loss for weeks. Bitcoin has experienced a 16% increase in April, positioning it for its first double-digit monthly gain since May 2025. Strategy has purchased $3.9 billion worth of Bitcoin this month, as per 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 hold positions, which is the structural setup that can lead to a squeeze if spot prices can hold above the $79,000 level that has now been rejected three times. This week, the Federal Reserve and European Central Bank are scheduled to make policy decisions, 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 one, the third rejection from $79,000 in eight sessions begins to define the range rather than precede the breakout.