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 resistance from sellers during the Asian morning session on Monday, thus halting its ascent towards the $80,000 mark for the first time since January. The cryptocurrency was trading at $77,705 on Monday morning, experiencing a 0.4% decline over the past 24 hours after briefly touching $79,399. Other major cryptocurrencies also saw declines, with Ether dropping 2.4% to $2,329, Solana falling 1.9% to $86, and BNB decreasing 1.2% to $630. The rally that propelled Bitcoin to its highest level since January 31 lost momentum by mid-morning in Singapore. The upward push was triggered by a report from Axios stating 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. Asian stocks reacted positively to the news, with the MSCI Asia Pacific Index rising 1.7% and the emerging markets index reaching a record high. However, Bitcoin's brief alignment with the risk-on move was short-lived, as it soon diverged. According to Rachael Lucas, an analyst at BTC Markets, the rejection at $79,399 can be explained by the fact that $80,000 is a critical level where many recent buyers are approaching breakeven, historically leading to selling pressure. Despite this, Bitcoin has seen a 16% increase in April, putting it on track for its first double-digit monthly gain since May 2025. The Federal Reserve and European Central Bank are set to make policy decisions this week, and the earnings reports of the four largest US companies by market capitalization may provide the necessary catalyst for Bitcoin's price movement.