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Bitcoin pulled back from a 12-week high near $79,400 in Asian trading after failing to clear the $79,000 level for a third time in eight sessions. The reversal came as selling pressure emerged around the $79,399 area, with traders pointing to the $80,000 zone as a key breakeven point for recent buyers.
Bitcoin (BTC) tagged a 12-week high of $79,399 overnight before sellers stepped in during Monday’s Asian morning hours. By Monday morning, bitcoin was trading at $77,705, down 0.4% over 24 hours.
Ether slipped 2.4% to $2,329, Solana fell 1.9% to $86, and BNB declined 1.2% to $630. The rally that lifted bitcoin to its highest level since January 31 had unwound by mid-morning Singapore time.
The move higher was linked to a report from Axios that Iran offered a new proposal to the U.S. to reopen the Strait of Hormuz, with nuclear talks delayed until after the U.S. naval blockade is lifted. Asian equities followed the risk-on tone, with the MSCI Asia Pacific Index rising 1.7% and the emerging markets index hitting a record.
Taiwan Semiconductor Manufacturing surged 6% to a record, while Brent crude pared earlier gains of 2.5% to trade up 1% at $106.50 a barrel.
Analysts said the rejection near $79,399 has a technical explanation tied to the $80,000 area. Rachael Lucas, an analyst at BTC Markets, said $80,000 is where many recent buyers are approaching breakeven, a level that historically tends to generate selling pressure as traders rotate out of positions that were underwater for weeks.
Bitcoin is up 16% in April, on pace for its first double-digit monthly gain since May 2025. Bloomberg reported that Strategy bought $3.9 billion of bitcoin this month, its largest monthly accumulation in a year.
Funding rates on perpetual futures across major exchanges remain negative on a seven-day basis at -0.13% per Coinglass, indicating shorts are still paying longs to hold positions. This is described as a structural setup that can contribute to a squeeze if spot holds above the recent breakeven cluster.
Traders are focused on this week’s Federal Reserve and European Central Bank policy decisions, alongside megacap tech earnings, including the four largest U.S. companies by market cap. Either a Fed move or a single earnings beat could provide the catalyst bitcoin needs to push out of its current range.
Without a catalyst, the third rejection from $79,000 in eight sessions is starting to define the range rather than precede a breakout.
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