Bitcoin, with the symbol BTC, reached a 12-week high of $79,399 before encountering a seller wall, prompting a reversal during Monday's Asian morning session. This move derailed the asset's potential ascent to $80,000, a level not seen since January. As of Monday morning, Bitcoin was trading at $77,705, marking a 0.4% decline over 24 hours.

The cryptocurrency had climbed to $79,399 around 09:00 IST before sharply reversing course during the Asian session. Other major cryptocurrencies also experienced declines, with Ether dropping 2.4% to $2,329, Solana falling 1.9% to $86, and BNB declining 1.2% to $630.

The rally that propelled Bitcoin to its highest level since January 31 lost momentum by mid-morning Singapore time. The initial push higher was attributed to a report from Axios indicating that Iran had proposed a new plan to the U.S.

to reopen the Strait of Hormuz, contingent upon the lifting of the U.S. naval blockade, which has delayed nuclear talks. This development sparked a risk-on move in Asian equities, with the MSCI Asia Pacific Index rising 1.7% and the emerging markets index reaching a record high.

Taiwan Semiconductor Manufacturing also surged 6% to a record level. Meanwhile, Brent crude pared its earlier 2.5% gains to post a 1% increase at $106.50 per barrel. Bitcoin initially followed the risk-on trend before diverging. The rejection at $79,399 can be technically explained by the fact that $80,000 is a critical level where many recent buyers are approaching breakeven, historically leading to selling pressure as traders exit positions that were previously underwater.

Despite this, Bitcoin is on track for a 16% gain in April, poised for its first double-digit monthly increase since May 2025. According to Bloomberg, strategy has accumulated $3.9 billion worth of Bitcoin this month, the largest monthly accumulation in a year. Funding rates on perpetual futures across major exchanges remain negative on a 7-day basis at -0.13%, as per Coinglass, indicating that shorts are still paying longs to hold positions.

This setup could 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 on the horizon, including the four largest U.S.

companies by market cap, either the Fed or a single earnings beat could provide the necessary catalyst for Bitcoin's tape. Without such a catalyst, the third rejection from $79,000 in eight sessions may define the range rather than precede a breakout.