Bitcoin, with the symbol BTC, reached a 12-week high of $79,399 before encountering a wave of selling during the Asian morning session on Monday, thus halting its ascent towards the $80,000 mark for the first time since January. As of Monday morning, Bitcoin was valued at $77,705, representing a 0.4% decline over the past 24 hours, after briefly touching $79,399 around 09:00 IST and subsequently reversing course during the Asian session. Other notable cryptocurrencies, such as Ether, Solana, and BNB, also experienced declines of 2.4%, 1.9%, and 1.2%, respectively, to $2,329, $86, and $630. The rally that propelled Bitcoin to its highest level since January 31 dissipated by mid-morning in Singapore.

The upward push was triggered by an Axios report stating that Iran had proposed a new plan to the U.S. to reopen the Strait of Hormuz, with nuclear discussions postponed until after the U.S. naval blockade is lifted.

This news sparked 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 soaring 6% to a new record. Brent crude oil prices also increased by 1% to $106.50 per barrel, after initially gaining 2.5%.

Bitcoin initially followed the risk-on trend 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 nearing breakeven, which historically leads to selling pressure as traders exit positions they held at a loss for weeks.

Bitcoin has gained 16% in April, on track for its first double-digit monthly increase since May 2025. Strategy has purchased $3.9 billion worth of Bitcoin this month, the 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 at -0.13% 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 been rejected three times.

The Federal Reserve and European Central Bank are set 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 $79,000 in eight sessions may define the range rather than precede a breakout.