Bitcoin price: BTC pulls back from 12-week high as Iran rally hits seller wall at $79,400
Bitcoin retreated from a 12-week high of $79,399 as sellers emerged, with $80,000 acting as a resistance level.Summary
Bitcoin reached a 12-week high of $79,399 overnight but faced selling pressure in Asian trading hours, preventing a run to $80,000. The cryptocurrency was trading at $77,705, down 0.4% in 24 hours. This rally was partly fueled by news of a potential new proposal from Iran to the US regarding the Strait of Hormuz and nuclear talks, which also boosted Asian equities and oil prices. However, Bitcoin diverged from the broader risk-on sentiment. Analysts suggest that $80,000 represents a breakeven point for many recent buyers, leading to selling pressure. Despite this pullback, Bitcoin is up 16% in April, and institutional buying, like Strategy's $3.9 billion accumulation, continues. Negative funding rates on perpetual futures indicate a potential for a short squeeze if Bitcoin holds above recent support levels. Upcoming Federal Reserve and ECB policy decisions, along with megacap tech earnings, could provide the catalyst for a breakout or further define Bitcoin's trading range.
(Source：CoinDesk)