Bitcoin, with the symbol BTC, reached a 12-week high of $79,399 before encountering a seller wall and retreating during Monday's Asian morning session, thwarting its attempt to reach $80,000 for the first time since January. Trading at $77,705 on Monday morning, Bitcoin experienced a 0.4% decline over 24 hours after peaking at $79,399 around 09:00 IST, only to reverse sharply throughout the Asia session. Other cryptocurrencies such as Ether, Solana, and BNB also saw declines of 2.4%, 1.9%, and 1.2%, respectively. The rally, which had lifted Bitcoin to its highest level since January 31, began to unwind by mid-morning Singapore time.
This development followed a report from Axios stating that Iran had proposed a new plan to the U.S. to reopen the Strait of Hormuz, with nuclear talks postponed until after the U.S. naval blockade is lifted.
Consequently, Asian equities responded positively, with the MSCI Asia Pacific Index rising 1.7% and the emerging markets index reaching a record high. However, Bitcoin's attempt to break through the $79,000 barrier was met with resistance, and it briefly traded in line with the risk-on move before pulling back. According to analyst Rachael Lucas from BTC Markets, the rejection at $79,399 can be attributed to the fact that $80,000 marks the breakeven point for many recent buyers, historically leading to selling pressure as traders exit positions they had been holding at a loss for weeks. Despite this, Bitcoin has seen a 16% increase in April and is on track for its first double-digit monthly gain since May 2025, with strategy buying $3.9 billion worth of Bitcoin this month.
Funding rates for perpetual futures across major exchanges remain negative, indicating that shorts are still paying longs to hold positions, setting the stage for a potential squeeze if Bitcoin can maintain its price above the $79,000 level. With the Federal Reserve and European Central Bank set to make policy decisions this week, along with the release of megacap tech earnings, the market is waiting for a catalyst to drive Bitcoin's price forward.
If such a catalyst is not provided, the repeated rejection from the $79,000 level may define the current trading range rather than precede a breakout.