Bitcoin reached a 12-week high of $79,399 before encountering resistance from sellers during Monday's Asian morning session, thwarting its attempt to reach $80,000 for the first time since January. By Monday morning, Bitcoin had fallen to $77,705, a 0.4% decline over 24 hours, after briefly touching $79,399 around 09:00 IST.
This downturn was accompanied by declines in other cryptocurrencies, including Ether, which slipped 2.4% to $2,329, Solana, which fell 1.9% to $86, and BNB, which declined 1.2% to $630. The rally that had propelled Bitcoin to its highest level since January 31 lost momentum by mid-morning Singapore time.
The initial surge was prompted by a report from Axios that Iran had proposed a new plan to the U.S. to reopen the Strait of Hormuz, with nuclear talks delayed 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. However, Bitcoin's attempt to break through the $79,000 barrier was met with selling pressure, attributed by analyst Rachael Lucas to the fact that many recent buyers are approaching breakeven at $80,000, historically a point of selling pressure. Despite this, Bitcoin remains up 16% in April, on track for its first double-digit monthly gain since May 2025, with strategy buying $3.9 billion worth of Bitcoin this month.
Funding rates on perpetual futures remain negative, indicating that shorts are still paying longs to hold positions, setting the stage for a potential squeeze if Bitcoin can hold above $79,000. This week, the Federal Reserve and European Central Bank are set to make policy decisions, and major U.S. tech companies will release their earnings, any of which could provide the catalyst for Bitcoin to break through its current resistance.