Bitcoin, with a current value of $76,259.14, reached a 12-week high of $79,399 before encountering a wall of sellers during Monday's Asian morning session, thereby halting its ascent towards $80,000 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. This followed a sharp reversal from its peak of $79,399 at 09:00 IST. Other significant cryptocurrencies also experienced declines, with Ether dropping 2.4% to $2,329, Solana falling 1.9% to $86, and BNB decreasing 1.2% to $630.
The rally that propelled Bitcoin to its highest level since January 31 lost momentum by mid-morning in Singapore. The upward push was fueled by a report from Axios indicating that Iran had proposed a new plan to the US to reopen the Strait of Hormuz, with nuclear talks postponed until after the US 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 new record. Brent crude also pared its earlier 2.5% gains to finish 1% higher at $106.50 per barrel.
Initially, Bitcoin moved in tandem with the risk-on sentiment but later 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 approaching breakeven, which historically leads to selling pressure as traders exit positions they had been holding at a loss 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, marking the firm's largest monthly accumulation in a year, as reported by Bloomberg. Funding rates for 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. This structural setup can lead to a squeeze if the spot price can maintain its position above the $79,000 level, which has now been rejected three times. This week, the Federal Reserve and European Central Bank are scheduled to make policy decisions, and the four largest US companies by market capitalization will release their earnings reports.
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.