Bitcoin 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 to reach $80,000 for the first time since January.
By Monday morning, Bitcoin had fallen to $77,705, representing a 0.4% decline over 24 hours. This downturn was accompanied by decreases in other cryptocurrencies, including Ether, Solana, and BNB. The rally, which had lifted Bitcoin to its highest level since January 31, lost momentum by mid-morning in Singapore. The initial surge was triggered by reports of Iran's proposal to the US to reopen the Strait of Hormuz, which led to a rise in Asian equities and a record high for the emerging markets index.
However, Bitcoin's attempt to break through the $79,000 level was met with selling pressure, attributed to recent buyers approaching breakeven points. Despite this, Bitcoin remains up 16% in April, on track for its first double-digit monthly gain since May 2025.
With the Federal Reserve and European Central Bank set to announce policy decisions, and major tech companies releasing earnings, the market awaits a potential catalyst to drive Bitcoin's price forward.