Bitcoin, with the symbol BTC, reached a 12-week high of $79,399 before encountering a selling wall, prompting a reversal during Monday's Asian morning session. This move derailed the asset's potential run towards the $80,000 mark for the first time since January. As of Monday morning, Bitcoin was trading at $77,705, marking a 0.4% decline over the past 24 hours.

The cryptocurrency had earlier surged to $79,399 around 09:00 IST but sharply retreated throughout the Asian session. Meanwhile, Ether experienced a 2.4% drop to $2,329, Solana fell 1.9% to $86, and BNB declined 1.2% to $630. The rally that drove Bitcoin to its highest level since January 31 lost momentum by mid-morning Singapore time.

The initial upward push was attributed to a report from Axios stating 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. This development led to a surge in Asian equities, with the MSCI Asia Pacific Index rising 1.7%, the emerging markets index reaching a record high, and Taiwan Semiconductor Manufacturing soaring 6% to its own record.

Brent crude oil prices also increased by 1% to $106.50 a barrel after initially gaining 2.5%. Bitcoin briefly followed the risk-on trend before deviating from it.

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 approaching breakeven, which historically leads to selling pressure as traders exit positions they have been holding at a loss for weeks. Bitcoin has seen 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, the firm's 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. The Federal Reserve and European Central Bank are set to make policy decisions this week, and the earnings of the four largest U.S.

tech companies by market capitalization are also scheduled. Either the Fed's decision or a strong earnings report 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.