Bitcoin, with the symbol BTC, reached a 12-week high of $79,399 before encountering significant selling pressure during the Asian morning session on Monday, thereby halting its advance towards the $80,000 mark for the first time since January. By Monday morning, Bitcoin was trading at $77,705, representing a 0.4% decrease over the past 24 hours, after having peaked at $79,399 around 09:00 IST and then experiencing a sharp reversal throughout the Asian session.
Meanwhile, Ether declined by 2.4% to $2,329, Solana dropped 1.9% to $86, and BNB decreased by 1.2% to $630. The rally that propelled Bitcoin to its highest level since January 31 began to unravel by mid-morning Singapore time. The catalyst for the upward push was 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 postponed until after the U.S. naval blockade is lifted. Asian equities reacted 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 its own record. Brent crude pared its earlier 2.5% gains to finish up 1% at $106.50 per barrel.
Initially, Bitcoin followed the risk-on trend but then deviated from it. The rejection at $79,399 can be explained technically. According to Rachael Lucas, an analyst at BTC Markets, the $80,000 mark is where many recent buyers are approaching break-even, which historically leads to selling pressure as these traders exit positions they have been underwater on for weeks. Bitcoin has gained 16% in April, on track for its first double-digit monthly gain since May 2025.
Strategists have purchased $3.9 billion worth of Bitcoin this month, the firm's largest monthly accumulation in a year, as per Bloomberg. Funding rates for perpetual futures across major exchanges remain negative on a 7-day basis at -0.13% per Coinglass, meaning shorts are still paying longs to hold positions, a structural setup that could lead to a squeeze if spot prices can hold above the $79,000 level that has now been rejected three times. This week, the Federal Reserve and European Central Bank are set to make policy decisions, and megacap tech earnings will include the four largest U.S. companies by market capitalization.
Either the Fed's decision or a single earnings beat could provide the catalyst the Bitcoin market has been lacking. Without such a catalyst, the third rejection from $79,000 in eight sessions begins to define the range rather than precede a breakout.