Bitcoin (BTC) briefly pushed to a 12-week high of $79,399 before encountering firm resistance, reversing course during Monday’s Asian trading hours and stalling just shy of the $80,000 mark.
The cryptocurrency changed hands at $77,705 later in the morning, down 0.4% over the past 24 hours, after failing to sustain gains made around 09:00 IST. The broader market followed the move lower, with Ether dropping 2.4% to $2,329, Solana declining 1.9% to $86, and BNB slipping 1.2% to $630. The retreat erased much of the upside that had carried bitcoin to its highest level since January 31.
The earlier rally was driven by geopolitical developments, after a report from Axios indicated that Iran had proposed reopening the Strait of Hormuz in discussions with the United States. However, nuclear negotiations remain on hold until a U.S. naval blockade is lifted.
Asian equities responded positively to the headlines. The MSCI Asia Pacific Index climbed 1.7%, while emerging market stocks reached a record high. Taiwan Semiconductor Manufacturing surged 6% to a fresh peak. In commodities, Brent crude eased from earlier gains, trading up 1% at $106.50 per barrel after rising as much as 2.5%.
Bitcoin initially moved in line with the broader risk-on sentiment but quickly decoupled as selling pressure intensified near $79,400. Analysts point to the $80,000 region as a key supply zone, where many recent entrants are nearing breakeven. This often leads to increased selling as traders exit previously unprofitable positions.
Despite the pullback, bitcoin remains up 16% in April, putting it on track for its strongest monthly performance since May 2025. Institutional demand continues to underpin the market, with Strategy reportedly acquiring $3.9 billion worth of bitcoin this month — its largest accumulation in a year, according to Bloomberg.
Derivatives positioning highlights a potential imbalance. Funding rates for perpetual futures remain negative at -0.13% on a seven-day basis, according to Coinglass, indicating that short positions are still dominant. Such conditions can create the setup for a short squeeze if bitcoin is able to reclaim the $79,000 level, which has now acted as resistance multiple times.
Market participants are now focused on upcoming macro events, including policy decisions from the Federal Reserve and the European Central Bank, as well as earnings releases from major U.S. technology companies.
In the absence of a strong catalyst, bitcoin’s repeated rejection near $79,000 over recent sessions suggests the formation of a near-term range, rather than an immediate breakout above $80,000
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