Bitcoin briefly reached $79,399 in Asian markets on the first day of the week, reaching its highest level in the last 12 weeks. However, with the sales following this level, the price decreased and was traded at $ 77,705 in the morning hours. There has been a decrease of 0.4% in the last 24 hours.
Reasons for selling pressure and technical chart
Analyst Rachael Lucas pointed out that the $ 80,000 level is the break-even point for many investors who have purchased recently, and the intense selling pressure in this region seems technically logical. According to Lucas, investors who have been waiting for losses for weeks may choose to sell their positions as the price approaches this level. This trend triggered Bitcoin’s sharp reversal from $79,399.
The fact that many investors were reaching the break-even point at the $80,000 level caused a succession of sales and is observed to have pulled the price back.
There have been noticeable increases in the price of Bitcoin since the beginning of the year. Specifically, for April, the cryptocurrency is on track for double-digit monthly returns for the first time since May 2025, with a 16% premium. The strategy firm reached its highest monthly total in a year with $3.9 billion worth of Bitcoin purchases this month.
Global market dynamics and the role of Bitcoin
Mobility in Asian markets was not exclusive to Bitcoin. While the MSCI Asia Pacific Index made a 1.7% premium, the developing countries index also renewed its record. Additionally, the 6% rise in Taiwan Semiconductor Company shares and the 1% increase in the Brent type oil barrel price stood out. It is stated that Iran’s new offer to the USA to reopen the Strait of Hormuz and the suspension of nuclear talks have strengthened this broad risk appetite.
After Bitcoin attempted to rise in line with this general wave of risk appetite, it encountered resistance again in the $ 79,000 band. Seeing this level for the third time in the last eight sessions and turning down indicates that an important technical limit has begun to form in the market.
Futures and potential catalysts
It is stated that in ongoing futures transactions on major cryptocurrency exchanges, the 7-day average funding rates are still negative (-0.13%). This indicates that traders who opened short positions are paying for long positions and that the market has the potential to be structurally squeezed. However, unless the spot price remains above the breakeven level, this potential may not be realized.
There are two main headlines that may have an impact on the market in the coming days: the monetary policy decisions that the US Federal Reserve (Fed) and the European Central Bank will announce this week and the expected balance sheet results of the US’s largest technology companies. Especially messages from the Fed or strong balance sheets to be announced by giant companies may trigger activity in Bitcoin and the general markets.
Otherwise, the return to the $ 79,000 band indicates that the upward movement in the short term will remain limited for now.
