Bitcoin, with the symbol BTC, reached a 12-week high of $79,399 before encountering a wall of sellers during the Asian morning session on Monday, halting its rally that had poised the asset for a potential run to $80,000 for the first time since January. As of Monday morning, Bitcoin was trading at $77,705, down 0.4% over the past 24 hours, after touching $79,399 around 09:00 IST and then sharply reversing during the Asia session. Meanwhile, Ether declined by 2.4% 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 dissipated by mid-morning in Singapore. The upward push was triggered by a report from Axios stating that Iran had presented a new proposal 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 responded positively to the news, with the MSCI Asia Pacific Index rising by 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 a 1% increase at $106.50 a barrel. Initially, Bitcoin moved in tandem with the risk-on sentiment before diverging. 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 nearing breakeven, which historically leads to selling pressure as traders exit positions they held at a loss for weeks. Bitcoin has seen a 16% increase in April, 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 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 setup can lead to a squeeze if the spot price holds 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 the earnings of the four largest U.S. companies by market cap are also scheduled.
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 may define the range rather than precede a breakout.