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 a seller wall, triggering a reversal during Monday's Asian morning session. This move derailed the asset's potential run towards the $80,000 mark for the first time since January. On Monday morning, Bitcoin was valued at $77,705, representing a 0.4% decline over 24 hours, after peaking at $79,399 around 09:00 IST and subsequently experiencing a sharp decline throughout the Asian session. Meanwhile, Ether dropped 2.4% to $2,329, Solana decreased 1.9% to $86, and BNB fell 1.2% to $630. The rally that drove Bitcoin to its highest level since January 31 dissipated by mid-morning Singapore time. The upward push was fueled 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. 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 oil pared its initial 2.5% gains to finish 1% higher at $106.50 per barrel. Bitcoin initially followed the risk-on trend before diverging. 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 break-even, which historically leads to selling pressure as traders exit positions they held at a loss for weeks. Bitcoin has gained 16% in April, on track for its first double-digit monthly increase 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 can lead to a squeeze if the spot price can hold above the $79,000 level, which has now been rejected three times. This week, the Federal Reserve and European Central Bank are set to make policy decisions, and the earnings of the four largest U.S. companies by market capitalization will be announced. Either the Fed's decision 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.