Bitcoin reached a 12-week high of $79,399 before encountering resistance from sellers during the Asian morning session on Monday, halting a rally that had positioned the asset for a potential push to $80,000 for the first time since January. By Monday morning, Bitcoin had declined to $77,705, representing a 0.4% drop over 24 hours, after briefly touching $79,399 around 09:00 IST. This reversal was accompanied by declines in other cryptocurrencies, with Ether falling 2.4% to $2,329, Solana dropping 1.9% to $86, and BNB slipping 1.2% to $630.

The rally that propelled Bitcoin to its highest level since January 31 lost momentum by mid-morning Singapore time. The initial surge was triggered 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, 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 record level.

Brent crude oil pared its earlier 2.5% gains to close 1% higher at $106.50 a barrel. Bitcoin initially followed the risk-on trend before deviating 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 break-even, historically leading to selling pressure as traders exit positions they had been holding 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 per Bloomberg.

Funding rates on perpetual futures across major exchanges remain negative on a 7-day basis at -0.13%, according to Coinglass, indicating that shorts are still paying longs to maintain positions. This setup can 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 the upcoming earnings reports from the four largest U.S.

companies by market cap, either the Fed's decision or a strong earnings report could provide the necessary catalyst for Bitcoin's price movement. Without such a catalyst, the repeated rejection from the $79,000 level begins to define the range rather than precede a breakout.