Bitcoin pulls back from 12-week high as Iran rally hits seller wall at $79,400

Markets Share Share this article Copy link X icon X (Twitter) LinkedIn Facebook Email Bitcoin pulls back from 12-week high as Iran rally hits seller wall at $79,400 By Shaurya Malwa Apr 27, 2026, 5:47 a.m. Make preferred on What to know : Bitcoin briefly hit a 12-week high near $79,400 before reversing in Asian trading, marking a third failed attempt to clear the $79,000 level in eight sessions. Analysts say the $80,000 area is a key breakeven zone for recent buyers, creating selling pressure even as bitcoin is up 16 percent in April and seeing strong institutional accumulation. Traders are watching this week’s Federal Reserve and European Central Bank decisions, along with megacap tech earnings, for a potential catalyst to push bitcoin out of its current range. Bitcoin tagged a 12-week high of $79,399 overnight before sellers stepped in Asian morning hours on Monday, dousing a rally that setup the asset for a run to $80,000 for the first time since January. Bitcoin traded at $77,705 on Monday morning, down 0.4% over 24 hours after climbing to $79,399 around 09:00 IST and reversing sharply through the Asia session. 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 unwound by mid-morning Singapore time. The push higher came on a report from Axios that Iran offered a new proposal to the US to reopen the Strait of Hormuz, with nuclear talks delayed until after the US naval blockade is lifted. Asian equities ran with it. The MSCI Asia Pacific Index rose 1.7%, the emerging markets index hit a record, and Taiwan Semiconductor Manufacturing surged 6% to its own record. Brent crude pared earlier 2.5% gains to up 1% at $106.50 a barrel. Bitcoin briefly traded along with the risk-on move and then peeled away. The rejection at $79,399 has a clean technical explanation. Rachael Lucas, an analyst at BTC Markets, said $80,000 is where many recent buyers are approaching breakeven, which historically produces selling pressure as those traders rotate out of positions they were underwater on for weeks. Bitcoin is up 16% in April, on pace for its first double-digit monthly gain since May 2025. Strategy bought $3.9 billion of bitcoin this month according to Bloomberg, the firm's largest monthly accumulation in a year. Funding rates on perpetual futures across major exchanges remain negative on a 7-day basis at -0.13% per Coinglass, meaning shorts are still paying longs to hold positions, which is the structural setup that produces a squeeze if spot can hold above the recent breakeven cluster. The Federal Reserve and European Central Bank both have policy decisions this week, and megacap tech earnings include the four largest US companies by market cap. Either the Fed or a single earnings beat could provide the catalyst the bitcoin tape has been missing. Without one, the third rejection from $79,000 in eight sessions starts to define the range rather than precede the breakout. More For You Bitcoin whales build long positions as funding stays deeply negative By Shaurya Malwa | Edited by Sheldon Reback 15 hours ago Long bias from the largest perpetual traders on Hyperliquid has built steadily through February, March and April, with the position now leaning aggressively long as bitcoin tags $80,000 and US-Iran talks resume. What to know : Large traders on Hyperliquid have shifted from net short to their most aggressively net-long bitcoin positioning since early March, coinciding with the coin’s climb from the mid-$60,000s to near $80,000. This group of holders, which typically runs positions above $10 million, has historically led spot bitcoin moves by days or... Read full story Latest Crypto News Running out of time on Clarity: State of Crypto 11 hours ago Aave raises nearly 80% of the $200 million it needs to cover bad debt left by Kelp DAO exploit 13 hours ago Why DeFi isn't dead despite massive exploits and $13 billion investor exodus 13 hours ago Bitcoin whales build long positions as funding stays deeply negative 15 hours ago Freezing 5.6 million dormant bitcoin could trigger ‘worst’ single-day repricing 15 hours ago Only 3% of traders drive prediction markets' accuracy, not the crowd, study finds 16 hours ago Top Stories Bitcoin is rallying as flagship conference approaches, data shows the gains rarely last Apr 20, 2026 Litecoin hit by denial-of-service attack, rewrites 13 blocks to reverse effect 21 hours ago Trump defends crypto legislation at private event featuring boxer Mike Tyson, Tether CEO Apr 25, 2026 MiCA's not enough: Bybit CEO says firms need other licenses to turn a profit in Europe 16 hours ago Coinbase's John D’Agostino says crypto platform stands alone as industry's full-service prime broker 17 hours ago