CoinDesk reported that analysts see the area around $80,000 as a key breakeven point for recent buyers, stating, "Despite Bitcoin's 16% rise throughout April and strong accumulation by institutions, selling pressure is emerging in this zone." Bitcoin touched a 12-week high of $79,399 overnight but fell as selling pressure entered during Monday's Asian morning trading hours. This led to a failed attempt to reclaim $80,000 for the first time since January. The recent surge is attributed to an Axios report that Iran made a new proposal to the United States for the reopening of the Strait of Hormuz. According to the report, nuclear negotiations were postponed after the lifting of the US maritime blockade. Bitcoin briefly aligned with this risk-on movement but soon diverged. Bitcoin analyst Rachael Lucas explained, "The $80,000 level is where recent buyers reach breakeven," adding, "Historically, selling pressure occurs at this point as traders who have been in loss for weeks liquidate their positions."
