Bitcoin price briefly touched $79,400 on Monday morning before pulling back sharply as expectations for the $80,000 ceiling resisted another breakout attempt.
The initial rise was driven by a report that Iran had proposed to the United States to reopen the Strait of Hormuz, which briefly boosted risk appetite in markets. However, this recovery quickly evaporated. High oil prices and lingering geopolitical tensions took control again, sending Bitcoin below $78,000 within hours.
Asian stocks, such as the Nikkei and Kospi indices, which hit record highs, did little to support the crypto market, with Bitcoin seeing several failed attempts. The range between $79,000 and $80,000 continues to act as a strong rejection level, reinforcing upper price resistance.
Bitcoin Price Forecast: Will the Next Attempt to Break Above $80,000 Succeed?
Bitcoin is trading below the $77,000 level this morning, sandwiched between well-defined technical levels. The composite technical indicator shows a 40% sell signal based on 13 indicators, while the relative strength index (RSI) remains at 62 in the neutral zone.
Data from CoinGlass reveals a large accumulation of sales liquidity of between $78,000 and $80,000 in two separate pools. For his part, analyst Elja highlighted the $78,000 zone as previous support turned into resistance on the weekly chart; Stressing that failure to close above this level this week would completely disrupt the hypothesis of a recovery.
If Bitcoin manages to close the week above $79,400, which is the first major resistance, the next target will be $82,000. But another rejection at $79,000 could lead to a collapse of the “bear flag” trend towards $75,000, which could also open the door to reaching the demand zone at $73,500.
Bitcoin Hyper Project Aims for Upside as Bitcoin Holds Resistance
Bitcoin price, holding at $78,000 for the third week in a row, is starting to look like a distribution pattern rather than an accumulation pattern, with spot buyers absorbing resistance rather than breaking through it. For traders looking to move away from large-scale currencies, the risk-reward calculations are starting to shift toward early-stage infrastructure projects that offer asymmetric growth opportunities.
The Bitcoin Hyper ($HYPER) project is one of the projects that is gaining attention in this context, as it presents itself as the first layer 2 of Bitcoin with full Solana Virtual Machine (SVM) integration, which means running smart contracts at breakneck speed while taking advantage of the security of the Bitcoin network.
The pre-sale of the project managed to collect $32.5 million The current price of the token is $0.0136With the activation of the staking function, which offers a high annual yield of up to 30% For the first participants.
The basic infrastructure vision of the project is to combine the trust model of Bitcoin with the programmability of SVM, with native connectivity via a decentralized canonical bridge to guarantee Bitcoin transfers without the need for intermediaries.
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