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 the Asian morning session on Monday, thereby halting its ascent towards the $80,000 mark for the first time since January. The asset was trading at $77,705 on Monday morning, representing a 0.4% decline over the past 24 hours, after surging to $79,399 around 09:00 IST and subsequently experiencing a sharp reversal during the Asian session. Meanwhile, Ether declined by 2.4% to $2,329, Solana fell by 1.9% to $86, and BNB dropped by 1.2% to $630. The rally that propelled bitcoin to its highest level since January 31 lost momentum 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 by 1.7%, the emerging markets index reaching a record high, and Taiwan Semiconductor Manufacturing surging by 6% to its own record. Brent crude pared its earlier 2.5% gains to record a 1% increase at $106.50 per barrel. Bitcoin initially followed the risk-on trend before deviating from it. The rejection at $79,399 can be technically explained. 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 had been holding at a loss for weeks. Bitcoin has gained 16% in April, poised for its first double-digit monthly increase since May 2025. Strategy has purchased $3.9 billion worth of bitcoin this month, as reported by 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. This structural setup can lead to a squeeze if the spot price can hold above the $79,000 level, which has now been rejected three times. The Federal Reserve and European Central Bank are both scheduled to make policy decisions this week, and the earnings reports of the four largest U.S. companies by market capitalization are also expected. Either the Fed's decision or a strong earnings report could provide the catalyst that the bitcoin market 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.