Bitcoin, with the symbol BTC, reached a 12-week high of $79,399 before encountering a seller wall, prompting a reversal during Monday's Asian morning session. This move occurred after the asset had been poised to reach $80,000 for the first time since January. On Monday morning, Bitcoin was trading at $77,705, representing a 0.4% decline over the past 24 hours. The price had surged to $79,399 around 09:00 IST before sharply reversing course during the Asia session.

Meanwhile, Ether experienced a 2.4% decline to $2,329, Solana dropped 1.9% to $86, and BNB fell 1.2% to $630. By mid-morning Singapore time, the rally that had propelled Bitcoin to its highest level since January 31 had unwound. The initial push higher was driven by a report from Axios indicating that Iran had proposed a new plan to the U.S.

to reopen the Strait of Hormuz, with nuclear talks delayed until after the U.S. naval blockade is lifted. This development led to a surge in Asian equities, with the MSCI Asia Pacific Index rising 1.7%, the emerging markets index reaching a record high, and Taiwan Semiconductor Manufacturing jumping 6% to a record high.

Brent crude also pared its earlier 2.5% gains to finish 1% higher at $106.50 per barrel. Initially, Bitcoin moved in tandem with the risk-on sentiment but then diverged. The rejection at $79,399 can be attributed to a clean technical explanation. According to Rachael Lucas, an analyst at BTC Markets, the $80,000 mark is where many recent buyers are approaching breakeven, which historically leads to selling pressure as traders exit positions that were previously underwater.

Bitcoin has gained 16% in April, putting it on track for its first double-digit monthly gain since May 2025. Strategy has purchased $3.9 billion worth of Bitcoin this month, marking the firm's largest monthly accumulation in a year, as reported by Bloomberg. Funding rates on perpetual futures across major exchanges remain negative on a 7-day basis, standing at -0.13% per Coinglass. This indicates that shorts are still paying longs to hold positions, setting up a structural environment that could lead to a squeeze if the spot price can hold above the $79,000 level, which has now been rejected three times.

This week, the Federal Reserve and European Central Bank are scheduled to make policy decisions, and the earnings of the four largest U.S. companies by market cap will be released. Either the Fed's decision or a single earnings beat could provide the catalyst that the Bitcoin market has been lacking.

Without such a catalyst, the third rejection from $79,000 in eight sessions may define the range rather than precede a breakout.