Bitcoin reached a 12-week high of $79,399 before encountering selling pressure during Monday's Asian morning session, halting its ascent towards $80,000. The cryptocurrency traded at $77,705, down 0.4% over 24 hours, after reversing its gains. Other digital assets, including Ether, Solana, and BNB, also declined.
The rally that propelled bitcoin to its highest level since January 31 lost momentum by mid-morning in Singapore. The upswing was fueled by a report of a new Iranian proposal to the US, aiming to reopen the Strait of Hormuz, with nuclear talks postponed until the US naval blockade is lifted. Asian equities responded positively, with the MSCI Asia Pacific Index rising 1.7% and Taiwan Semiconductor Manufacturing reaching a record high. However, bitcoin detached from the broader risk-on move.
According to analyst Rachael Lucas, the rejection at $79,399 can be attributed to many recent buyers approaching breakeven at $80,000, historically leading to selling pressure. Despite this, bitcoin remains up 16% in April, poised for its first double-digit monthly gain since May 2025, with strategy buying $3.9 billion of the cryptocurrency this month. With funding rates on perpetual futures remaining negative, the stage is set for a potential squeeze if bitcoin can hold above $79,000.
This week's Federal Reserve and European Central Bank policy decisions, along with megacap tech earnings, may provide the necessary catalyst for a breakout.