A hint that “big” news about the US strategic bitcoin reserve was coming soon couldn’t stop the asset’s decline.

The asset reached $79,400 on Sunday night, its highest level since January 31, but couldn’t sustain the rally and dipped to the $77,500 level Monday…

The path to $80,000 is clear in the short term, according to one analyst.

“Out of the woods short-term? No. Bitcoin crossing $78K is a bounce, not a bottom,” according to Zaid Khan.

So far this month, bitcoin is up nearly 15%, surpassing April’s historical average.

The breakdown of the four-year cycle removes a key empirical metric that investors relied on.

With its latest acquisition of 34,164 bitcoin, Strategy now holds 815,061 bitcoin — about 4% of the total bitcoin supply.

Bitcoin finally broke out of the tight range it’s been stuck in for weeks, rising to just below the $78,000 mark as risk-on sentiment floods…

A CryptoQuant report noted that $76,800 is a break-even point for many traders, which has “acted as a powerful bear market resistance level.”

Halfway through April, bitcoin is faring much better than it has since May, up roughly 8.6%