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

Bitcoin reached a 12-week high of $79,399 before encountering resistance from sellers during Asian trading hours on Monday, halting its momentum towards the $80,000 mark for the first time since January. At the time of writing, Bitcoin was trading at $77,705, representing a 0.4% decline over the past 24 hours. Other major cryptocurrencies also experienced losses, with Ether dropping 2.4% to $2,329, Solana falling 1.9% to $86, and BNB declining 1.2% to $630. The rally that propelled Bitcoin to its highest level since January 31 lost steam by mid-morning in Singapore. This development came on the heels of a report from Axios that Iran had proposed a new plan to the US to reopen the Strait of Hormuz, with nuclear talks postponed until after the US naval blockade is lifted. The news sparked a surge in Asian equities, with the MSCI Asia Pacific Index rising 1.7% and Taiwan Semiconductor Manufacturing reaching a record high with a 6% gain. However, Bitcoin's attempt to break through the $80,000 barrier was met with selling pressure, attributed to the fact that many recent buyers are approaching breakeven at this level, historically leading to a rotation out of underwater positions. Despite this, Bitcoin remains up 16% in April, poised for its first double-digit monthly gain since May 2025, with strategy buyers accumulating $3.9 billion in Bitcoin this month. With funding rates on perpetual futures remaining negative and major central bank policy decisions and tech earnings on the horizon, the stage is set for a potential catalyst to drive Bitcoin's price action.