Bitcoin, with the symbol BTC, reached a 12-week high of $79,399 before encountering resistance from sellers during the Asian morning session on Monday, thereby halting its ascent towards the $80,000 mark 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, after having reached $79,399 around 09:00 IST and subsequently reversing its course throughout the Asian session. Meanwhile, Ether experienced a 2.4% decline to $2,329, Solana fell by 1.9% to $86, and BNB decreased by 1.2% to $630. The rally that propelled Bitcoin to its highest level since January 31 lost momentum by mid-morning Singapore time.
The upward push was sparked by a report from Axios indicating that Iran had presented a new proposal to the US to reopen the Strait of Hormuz, with nuclear talks delayed until after the US naval blockade is lifted. Asian equities responded positively to this development. The MSCI Asia Pacific Index rose by 1.7%, the emerging markets index reached a record high, and Taiwan Semiconductor Manufacturing surged 6% to achieve its own record. Brent crude pared its earlier 2.5% gains to record a 1% increase at $106.50 per barrel.
Bitcoin initially followed the risk-on move but later deviated 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 breakeven, which historically leads to selling pressure as those traders exit positions they were underwater on for weeks. Bitcoin has experienced a 16% increase in April, putting it on track for its first double-digit monthly gain since May 2025.
Strategy has purchased $3.9 billion worth of Bitcoin this month, as per 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, which is the structural setup that can lead to a squeeze if the spot price can hold above the $79,000 level that has now been rejected three times.
This week, the Federal Reserve and European Central Bank are scheduled to make policy decisions, and the earnings of megacap tech companies, including the four largest US companies by market capitalization, will be announced. 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.