BTC tags $79,400 then retreats — $80K ceiling holds for another week

Bitcoin touched $79,400 in early Monday trading before pulling back sharply, with the $78,000–$80,000 band once again acting as a hard rejection zone. The brief spike was sparked by an Axios report that Iran had offered the US a new proposal to reopen the Strait of Hormuz, lifting risk appetite momentarily — but rising oil prices and unresolved geopolitical tensions reasserted control within hours, dragging BTC back below $78,000.

CoinGlass data shows dense sell liquidity stacked in two clusters between $78,000 and $80,000. Analyst Elja has flagged $78,000 specifically as former support flipped resistance on the weekly chart, with a failure to close above it this week effectively stalling the broader recovery thesis. Technical composite readings show 40% sell signals across 13 indicators, though RSI remains in neutral territory near 62.

The bull case requires a weekly close above…