Bitcoin, with the symbol BTC, reached a 12-week high of $79,399 before encountering a selling barrier, causing its price to drop to $76,824.20. This occurred after the asset experienced a surge during Asian morning hours on Monday, only to be met with selling pressure that derailed its potential run to $80,000 for the first time since January. On Monday morning, Bitcoin was trading at $77,705, representing a 0.4% decline over the past 24 hours. The asset had climbed to $79,399 around 09:00 IST but sharply reversed course during the Asian session.

Other cryptocurrencies, such as Ether, Solana, and BNB, also experienced declines, falling by 2.4%, 1.9%, and 1.2%, respectively. The rally that propelled Bitcoin to its highest level since January 31 lost momentum by mid-morning Singapore time.

The initial surge was sparked by a report from Axios indicating that Iran had proposed a new plan to the U.S. to reopen the Strait of Hormuz, with nuclear talks delayed until after the U.S.

naval blockade is lifted. Asian equities responded positively to the news, with the MSCI Asia Pacific Index rising 1.7% and the emerging markets index reaching a record high. Taiwan Semiconductor Manufacturing also saw a significant surge, rising 6% to a record high.

However, Bitcoin's attempt to reach $80,000 was thwarted, and the rejection at $79,399 can be explained by technical factors. According to analyst Rachael Lucas, the $80,000 mark is where many recent buyers are approaching breakeven, which historically leads to selling pressure as traders close their underwater positions.

Despite this, Bitcoin has experienced a 16% increase in April, putting it on track for its first double-digit monthly gain since May 2025. Additionally, strategy bought $3.9 billion of Bitcoin this month, the largest monthly accumulation in a year.

Funding rates on perpetual futures across major exchanges remain negative, meaning shorts are still paying longs to hold positions. This setup could lead to a squeeze if the spot price can hold above the $79,000 level, which has now been rejected three times.

The Federal Reserve and European Central Bank are set to make policy decisions this week, and megacap tech earnings, including the four largest U.S. companies by market cap, may provide the catalyst needed for Bitcoin's price to break out.