Bitcoin Update
Bitcoin reached a 12-week peak of $79,399 overnight, but during Monday’s Asian trading hours, sellers stepped in, leading the cryptocurrency to approach $80,000 for the first time since January.
As of Monday morning, Bitcoin was trading at $77,705, reflecting a 0.4% drop after that brief climb to $79,399 around 09:00 PT. This reversal continued during the Asian session. Other cryptocurrencies, like Ether, dropped 2.4% to $2,329, Solana fell 1.9% to $86, and BNB decreased by 1.2% to $630. By mid-morning in Singapore, the earlier bullish momentum behind Bitcoin had subsided.
This recent uptick in Bitcoin’s value seems linked to a report from Axios indicating that Iran has proposed to the United States a delay in nuclear talks and the reopening of the Strait of Hormuz, conditional on lifting the U.S. naval blockade.
Asian markets reacted positively as well. The MSCI Asia Pacific Index rose 1.7%, with the Emerging Markets Index reaching a new high. Additionally, shares of Taiwan Semiconductor Manufacturing Co. surged 6%, also hitting a record. Brent crude oil prices increased by 1% to $106.50 a barrel, recovering from a 2.5% rise the previous day.
Bitcoin enjoyed a temporary risk-on boost but has since retreated. Analysts have pointed out a technical reason for the rejection at $79,399. Rachel Lucas from BTC Markets noted that many buyers recently reached breakeven around $80,000, leading to selling pressure as traders looked to exit positions that had been stuck for weeks.
In April alone, Bitcoin surged 16%, marking potential for its first significant monthly gain since May 2025. Bloomberg reported that Strategy acquired $3.9 billion in Bitcoin this month, the highest monthly total for the firm in a year.
Funding rates for perpetual futures across major exchanges are still in the negative, currently at -0.13% over a week, according to Coinglass. This means that those holding short positions are paying longs to maintain theirs, suggesting a situation that could create a squeeze if spot prices can stabilize above recent break-even points.
In the coming week, both the Federal Reserve and the European Central Bank will announce policy decisions, and significant earnings reports from Big Tech—which includes the largest U.S. companies by market cap—are expected. One of these events, whether from the Fed or a standout profit report, could provide the missing momentum for Bitcoin. Without such events, a third rejection from $79,000 in a matter of eight sessions might establish a trading range rather than ushering in a breakout.
