Bitcoin, trading at $76,405.02, reached a 12-week high of $79,399 before encountering resistance during Monday's Asian morning session, thereby halting its ascent towards the $80,000 mark for the first time since January. By Monday morning, Bitcoin had declined 0.4% over 24 hours to $77,705 after briefly touching $79,399 around 09:00 IST, only to reverse course sharply throughout the Asian session. Meanwhile, Ether dropped 2.4% to $2,329, Solana fell 1.9% to $86, and BNB slipped 1.2% to $630.

The rally that propelled Bitcoin to its highest level since January 31 lost steam by mid-morning Singapore time. This uptrend was initially driven 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 discussions postponed 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 new record. Brent crude oil pared its earlier 2.5% gains to end up 1% at $106.50 per barrel.

Bitcoin initially 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 level is where many recent buyers are nearing breakeven, which historically leads to selling pressure as 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.

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% 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 hold above the $79,000 level, which has now been rejected three times. With the Federal Reserve and European Central Bank set to make policy decisions this week, and megacap tech earnings including the four largest U.S.

companies by market capitalization, either the Fed 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.