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 thwarted the asset's potential run to $80,000, a level not seen since January. On Monday morning, Bitcoin was valued at $77,705, marking a 0.4% decline over the past 24 hours.
The cryptocurrency had surged to $79,399 around 09:00 IST before sharply reversing course during the Asia session. Meanwhile, Ether declined by 2.4% to $2,329, Solana dropped 1.9% to $86, and BNB slipped 1.2% to $630. The rally that propelled Bitcoin to its highest level since January 31 lost momentum by mid-morning Singapore time. The push higher was sparked by a report from Axios indicating Iran's proposal to the U.S.
to reopen the Strait of Hormuz, with nuclear talks postponed 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. Brent crude pared its earlier 2.5% gains to a 1% increase at $106.50 per barrel.
Initially, Bitcoin followed the risk-on move but then deviated. The rejection at $79,399 can be technically explained. According to Rachael Lucas, an analyst at BTC Markets, $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. Bitcoin has gained 16% in April, poised for its first double-digit monthly increase since May 2025.
The firm has accumulated $3.9 billion in 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.
This setup can lead to a squeeze if the spot price holds 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 megacap tech earnings, including the four largest U.S. companies by market capitalization, are also scheduled.
Either the Fed's decision or a strong earnings report 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.