BTC stalls at $80K as recent buyers sell at breakeven point

Bitcoin is facing significant selling pressure around the $80,000 mark, a level analysts identify as the breakeven point for recent buyers, CoinDesk reports. Despite a 16% gain in April and strong institutional accumulation, the cryptocurrency hit a 12-week high of $79,399 overnight before retreating during Asian trading hours on Monday. The pullback thwarted Bitcoin's first attempt to reclaim the $80,000 level since January. The initial surge was partly driven by a broader risk-on sentiment following an Axios report that Iran had offered the U.S. a new proposal to reopen the Strait of Hormuz, with nuclear talks postponed until after a U.S. naval blockade is lifted. Bitcoin briefly followed the trend before diverging. Bitcoin analyst Rachael Lucas explained that the $80,000 level is where recent buyers reach their entry price. She noted that this is historically a point of selling pressure, as traders who have been holding losing positions for weeks look to exit the market.