Bitcoin cooled off after hitting a 12-week high, as sellers stepped in just below the $80,000 mark.
What happened
- Bitcoin briefly reached $79,399 around 09:00 IST overnight before reversing during Asian hours. As of Monday morning it was trading near $77,705, down about 0.4% over 24 hours (the article’s opening price: $77,647.81).
- Major altcoins slipped alongside BTC: Ether -2.4% to $2,329, Solana -1.9% to $86, and BNB -1.2% to $630.
- The rally that pushed bitcoin to its highest level since Jan. 31 unraveled by mid-morning Singapore time after the price hit the $79,399 rejection point.
Why it moved
- The initial risk-on move was sparked by an Axios report that Iran offered a proposal to the U.S. to reopen the Strait of Hormuz, with nuclear talks delayed until after a U.S. naval blockade is lifted. Asian markets ran with the headlines: the MSCI Asia Pacific Index climbed 1.7%, emerging-market equities hit record highs, Taiwan Semiconductor surged 6% to a record, and Brent crude pared earlier gains to trade around $106.50 a barrel.
- Bitcoin followed the broader risk rally briefly, but momentum stalled at the $79,000 area. BTC Markets analyst Rachael Lucas noted that $80,000 is a common breakeven point for recent buyers — a level that historically attracts selling as traders who were underwater rotate out of positions.
Market structure and the outlook
- Bitcoin is up about 16% in April and was on pace for its first double-digit monthly gain since May 2025.
- Institutional flows remain notable: Bloomberg reported that Strategy bought $3.9 billion of bitcoin this month, the firm’s largest monthly accumulation in a year.
- Derivatives paint a mixed picture: seven-day funding rates on perpetual futures across major exchanges are still negative at about -0.13% (Coinglass), which implies shorts are paying longs — a structure that can fuel a squeeze if spot can hold above $79,000, a level that has now been rejected three times in eight sessions.
- Macro and earnings risk loom large this week: policy decisions from the Federal Reserve and the European Central Bank, plus megacap tech earnings (including the four largest U.S. companies by market cap), could provide the catalyst BTC needs to break the range. Absent such a trigger, repeated rejections at $79,000 may come to define the near-term trading band rather than presage a breakout toward $80,000.
Bottom line: Bitcoin’s recent push toward $80K stalled at a predictable selling zone. Traders will be watching macro headlines and megacap earnings for the next directional shove; otherwise, the $79K-$80K area looks likely to remain a key resistance in the short term.
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