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. The asset had been poised for a potential run to $80,000 for the first time since January but was traded at $77,705, marking a 0.4% decline over 24 hours. Other cryptocurrencies such as Ether, Solana, and BNB also experienced declines. The rally, triggered by a report of Iran's proposal to the U.S.
regarding the reopening of the Strait of Hormuz, led to a surge in Asian equities but was short-lived for Bitcoin. According to analyst Rachael Lucas, the rejection at $79,399 can be attributed to many recent buyers approaching breakeven at $80,000, leading to selling pressure. Despite this, Bitcoin has seen a 16% increase in April and is on track for its first double-digit monthly gain since May 2025, with significant accumulation by strategy buyers.