Bitcoin's Ascent to 12-Week High Halted by Seller Resistance at $79,400

Bitcoin, with the symbol BTC, reached a 12-week peak of $79,399 before encountering seller resistance during the Asian morning session on Monday, which thwarted its momentum towards the $80,000 mark for the first time since January. On Monday morning, Bitcoin was valued at $77,705, marking a 0.4% decline over 24 hours after touching $79,399 around 09:00 IST, only to reverse sharply through the Asian session. Concurrently, Ether's value dropped by 2.4% to $2,329, Solana declined by 1.9% to $86, and BNB decreased by 1.2% to $630. The surge that propelled Bitcoin to its highest level since January 31 dissipated by mid-morning Singapore time. This uptrend was triggered by a report from Axios indicating Iran's proposal to the U.S. to reopen the Strait of Hormuz, with nuclear talks postponed until after the U.S. naval blockade is lifted. In response, Asian equities rose, with the MSCI Asia Pacific Index increasing by 1.7%, the emerging markets index reaching a record high, and Taiwan Semiconductor Manufacturing surging 6% to its own record. Meanwhile, Brent crude pared its earlier 2.5% gains to a 1% increase at $106.50 per barrel. Initially, Bitcoin moved in tandem with the risk-on sentiment but later diverged. The rejection at $79,399 can be explained technically. According to Rachael Lucas, an analyst at BTC Markets, the $80,000 threshold is where many recent buyers are nearing breakeven, a level that historically generates selling pressure as traders close out positions they held at a loss for weeks. This month, Bitcoin has seen a 16% increase, poised 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 per 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 could lead to a squeeze if the spot price can hold above the $79,000 level, which has now been rejected three times. With the Federal Reserve and European Central Bank set to make policy decisions this week, and megacap tech earnings including the four largest U.S. companies by market cap, 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.