Bitcoin reached a 12-week high of $79,399 before encountering resistance from sellers during the Asian morning session on Monday, halting a rally that had positioned the asset for a potential run to $80,000 for the first time since January. By Monday morning, Bitcoin was trading at $77,705, down 0.4% over the past 24 hours, after climbing to $79,399 around 09:00 IST and subsequently reversing course during the Asia session. Meanwhile, Ether declined 2.4% to $2,329, Solana fell 1.9% to $86, and BNB dropped 1.2% to $630, as the rally that lifted Bitcoin to its highest level since January 31 lost momentum by mid-morning Singapore time.
The upward push was triggered by a report from Axios that Iran had proposed a new plan to the US to reopen the Strait of Hormuz, with nuclear talks delayed until after the US 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 pared its earlier 2.5% gains to finish up 1% at $106.50 a barrel.
Bitcoin initially followed the risk-on trend before diverging. The rejection at $79,399 can be explained by technical factors. According to Rachael Lucas, an analyst at BTC Markets, $80,000 is a level where many recent buyers are approaching breakeven, which historically leads to selling pressure as traders exit positions they had been holding at a loss 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, according to 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, a structural setup that could lead to a squeeze if spot prices can hold above the $79,000 level that 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 US companies by market cap, 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.