Bitcoin briefly regained $79,399, its highest level in 12 weeks, but failed to break back above $80,000 as selling in Asian trading pushed it down.

CoinDesk reported on April 27 that bitcoin rose to as high as $79,399 earlier in the day before giving up gains. It was trading around $77,700, down 2.09 percent over 24 hours.

The move came as risk appetite strengthened after Axios reported that Iran had made a new proposal to the United States related to reopening the Strait of Hormuz. Asian stock markets also rose after talk emerged of resuming nuclear talks following the lifting of a U.S. maritime blockade. The MSCI Asia Pacific index gained 1.7 percent, and the emerging markets index hit a record high. TSMC jumped 6 percent to a record high. Brent crude trimmed some of its intraday gains but held up 1 percent at $106.50 a barrel.

Bitcoin then quickly slipped after briefly moving in line with the risk-on trend. BTC Market analyst Rachel Lucas (레이철 루카스) pointed to $80,000 as a level where many recent buyers are nearing breakeven. She said selling pressure often appears at that level as traders seek to close positions that had been in loss for weeks.

Major altcoins also weakened. Ether fell 3.39 percent to $2,294, solana dropped 2.96 percent to $84, and Binance Coin (BNB) fell 1.95 percent to $624.

Futures market positioning still left open the possibility of a short squeeze. CoinGlass data showed the seven-day average funding rate for perpetual futures on major exchanges was minus 0.13 percent, still negative. That means short position holders are paying long position holders. If spot prices stay above recent breakeven levels, the structure could allow a short squeeze to emerge.

Bitcoin has risen 16 percent so far in April, maintaining momentum for its first double-digit monthly gain since May 2025. Bloomberg data showed Strategy bought $3.9 billion worth of bitcoin this month alone. That is the largest monthly purchase in the past year.

Markets are now watching monetary policy decisions and earnings due this week. The U.S. Federal Reserve and the European Central Bank both have policy decisions ahead, and earnings are also scheduled from the four largest U.S. companies by market value. Lucas said a Fed decision or one unexpectedly strong result from a major tech stock could provide a catalyst the bitcoin market has lacked. If no such factor emerges, some also see the $79,000 resistance confirmed for a third time in the past eight sessions as hardening into the top of a range rather than a pre-breakout level.