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

Bitcoin reached a 12-week peak of $79,399 before encountering strong selling pressure during Monday's Asian morning session, which thwarted its potential ascent to $80,000 for the first time since January. The cryptocurrency was trading at $77,705, representing a 0.4% decline over the past 24 hours, after briefly touching $79,399. Meanwhile, other major cryptocurrencies such as Ether, Solana, and BNB also experienced declines. The rally that propelled Bitcoin to its highest level since January 31 lost momentum by mid-morning in Singapore. This development came on the heels of a report indicating that Iran had proposed a new plan to the US to reopen the Strait of Hormuz, contingent upon the lifting of the US naval blockade. The news sparked a positive reaction in Asian equities, with the MSCI Asia Pacific Index rising 1.7% and Taiwan Semiconductor Manufacturing reaching a record high. However, Bitcoin's attempt to join the risk-on rally was short-lived, as it retreated from the $79,399 level. According to analyst Rachael Lucas, the $80,000 mark is a critical point where many recent buyers are nearing breakeven, which could lead to increased selling pressure. Despite this, Bitcoin has still gained 16% in April and is poised for its first double-digit monthly increase since May 2025. With the Federal Reserve and European Central Bank set to announce policy decisions and major tech companies scheduled to release their earnings, the stage is set for potential catalysts that could influence Bitcoin's trajectory.