Bitcoin, with the symbol BTC, reached a 12-week high of $79,399 before encountering selling pressure during the Asian morning session on Monday, which put a halt to its rally towards the $80,000 mark for the first time since January. The cryptocurrency was trading at $77,705 on Monday morning, experiencing a 0.4% decline over 24 hours after peaking at $79,399 around 09:00 IST and subsequently reversing direction throughout the Asia session.

Meanwhile, Ether saw a 2.4% drop to $2,329, Solana decreased by 1.9% to $86, and BNB fell by 1.2% to $630. The rally that propelled bitcoin to its highest level since January 31 lost momentum by mid-morning Singapore time. This surge was triggered by 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 being postponed until after the U.S. naval blockade is lifted. Asian equities responded positively to the news, with the MSCI Asia Pacific Index rising by 1.7%, the emerging markets index reaching a record high, and Taiwan Semiconductor Manufacturing surging 6% to set its own record.

Brent crude oil pared its initial 2.5% gains to record a 1% increase at $106.50 per barrel. Bitcoin briefly followed the risk-on trend before deviating from it. The rejection at $79,399 can be technically explained.

According to Rachael Lucas, an analyst at BTC Markets, the $80,000 mark is where many recent buyers are approaching break-even, which historically leads to selling pressure as these traders exit positions they have been holding at a loss for weeks. Bitcoin has seen a 16% increase in April, positioning it for its first double-digit monthly gain since May 2025. Strategy has purchased $3.9 billion worth of bitcoin this month, as reported by Bloomberg, marking the firm's largest monthly accumulation in a year.

Funding rates on perpetual futures across major exchanges remain negative on a 7-day basis at -0.13% per Coinglass, indicating that shorts are still paying longs to hold positions. This structural setup could lead to a squeeze if the spot price can maintain its position above the $79,000 level, which has now been rejected three times.

The Federal Reserve and European Central Bank are both scheduled to make policy decisions this week, and the earnings reports of the four largest U.S. companies by market capitalization are also expected. 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 the $79,000 level in eight sessions may define the range rather than precede a breakout.