Bitcoin reached a 12-week high of $79,399 before encountering resistance from sellers during Monday's Asian trading session, halting its ascent towards $80,000. By Monday morning, Bitcoin had fallen to $77,705, representing a 0.4% decline over 24 hours. Other major cryptocurrencies also experienced losses, with Ether dropping 2.4% to $2,329, Solana decreasing 1.9% to $86, and BNB declining 1.2% to $630.
The rally that had propelled Bitcoin to its highest level since January 31 lost momentum by mid-morning in Singapore. This development was preceded by a report from Axios indicating that Iran had proposed a new plan to the US to reopen the Strait of Hormuz, which had been delayed due to nuclear talks.
The news sparked a surge in Asian equities, with the MSCI Asia Pacific Index rising 1.7% and Taiwan Semiconductor Manufacturing reaching a record high. However, Bitcoin's attempt to join the risk-on move was short-lived, as it quickly peeled away. According to analyst Rachael Lucas, the rejection at $79,399 can be attributed to the fact that many recent buyers are approaching breakeven at $80,000, historically leading to selling pressure.
Despite this, Bitcoin remains up 16% in April and is on track for its first double-digit monthly gain since May 2025. With the Federal Reserve and European Central Bank set to announce policy decisions and major tech companies scheduled to release their earnings, the market is awaiting a potential catalyst to drive Bitcoin's price higher.