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. The asset had been poised for a potential run to $80,000 for the first time since January. As of Monday morning, Bitcoin was trading at $77,705, representing a 0.4% decline over the past 24 hours.
This downturn occurred after the cryptocurrency had surged to $79,399 around 09:00 IST, only to sharply reverse course throughout the Asian session. Concurrently, Ether experienced a 2.4% decline to $2,329, while Solana and BNB fell by 1.9% to $86 and 1.2% to $630, respectively. The rally that propelled Bitcoin to its highest level since January 31 lost momentum by mid-morning Singapore time.
The initial upward push was attributed to a report from Axios indicating that Iran had proposed a new plan to the U.S. for reopening the Strait of Hormuz, with nuclear talks postponed until after the U.S. naval blockade is lifted. This development triggered a risk-on move in Asian equities, with the MSCI Asia Pacific Index rising 1.7%, the emerging markets index reaching a record high, and Taiwan Semiconductor Manufacturing surging 6% to a new record.
Brent crude oil prices initially increased by 2.5% before paring gains to a 1% rise at $106.50 per barrel. Bitcoin briefly moved in tandem with the risk-on sentiment before deviating from this trend. The rejection at $79,399 can be technically explained by the fact that $80,000 is a critical level where many recent buyers are approaching break-even, historically leading to selling pressure as these traders exit positions that were previously underwater for weeks. Bitcoin has gained 16% in April, positioning it for its first double-digit monthly increase since May 2025.
According to Bloomberg, strategy bought $3.9 billion worth of Bitcoin this month, marking the firm's largest monthly accumulation in a year. Funding rates for perpetual futures across major exchanges remain negative on a 7-day basis at -0.13%, as per Coinglass, indicating that shorts are still paying longs to maintain positions. This structural setup could lead to a squeeze if the spot price can hold above the $79,000 level, which has now been rejected three times.
With the Federal Reserve and European Central Bank scheduled to make policy decisions this week, and megacap tech earnings, including the four largest U.S. companies by market capitalization, either the Fed 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.