Bitcoin, which is trading at $75,658.85, reached a 12-week high of $79,399 before encountering a wall of sellers during Monday's Asian morning session, thereby halting its ascent towards $80,000 for the first time since January. On Monday morning, Bitcoin was valued at $77,705, representing a 0.4% decline over the past 24 hours after peaking at $79,399 around 09:00 IST, only to sharply reverse direction throughout the Asian session.
Meanwhile, Ether experienced a 2.4% decline to $2,329, Solana dropped 1.9% to $86, and BNB decreased 1.2% to $630. The rally that propelled Bitcoin to its highest level since January 31 dissipated by mid-morning Singapore time.
This surge was sparked by a report from Axios indicating that Iran had presented a new proposal to the U.S. aimed at reopening the Strait of Hormuz, with nuclear discussions 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 set its own record. Brent crude pared its earlier 2.5% gains to record a 1% increase at $106.50 per barrel. Bitcoin initially moved in tandem with the risk-on sentiment before diverging. The rejection at $79,399 can be attributed to technical factors.
According to Rachael Lucas, an analyst at BTC Markets, the $80,000 mark is where many recent buyers are approaching breakeven, which historically leads to selling pressure as traders exit positions they have been underwater on for weeks. Bitcoin has experienced a 16% increase in April, putting it on track for its first double-digit monthly gain since May 2025. Strategy has purchased $3.9 billion worth of Bitcoin this month, as per Bloomberg, marking the firm's largest monthly accumulation in a year.
Funding rates for 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, which is a structural setup that can lead to a squeeze if the spot price can maintain its position above the $79,000 level that has now been rejected three times. Both the Federal Reserve and the European Central Bank are set to make policy decisions this week, while megacap tech earnings will include the four largest U.S.
companies by market capitalization. Either the Fed's decision or a single earnings beat could provide the catalyst that 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.