Bitcoin, with the symbol BTC, reached a 12-week high of $79,399 before encountering resistance from sellers during Monday's Asian morning trading session, thereby halting its ascent towards the $80,000 mark for the first time since January. By Monday morning, Bitcoin was valued at $77,705, representing a 0.4% decline over the past 24 hours, after having peaked at $79,399 around 09:00 IST and subsequently experiencing a sharp reversal throughout the Asian session. Meanwhile, other cryptocurrencies such as Ether, Solana, and BNB also experienced declines of 2.4%, 1.9%, and 1.2%, respectively, with values of $2,329, $86, and $630.

The upward momentum that propelled Bitcoin to its highest level since January 31 dissipated by mid-morning Singapore time. This surge was prompted by a report from Axios indicating that Iran had proposed a new plan to the U.S.

for reopening the Strait of Hormuz, with nuclear negotiations postponed until after the U.S. naval blockade is lifted. Asian equities responded positively to the news, 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 initially gained 2.5% but later pared its gains to a 1% increase at $106.50 per barrel. Bitcoin briefly followed the risk-on trend before deviating from it. The rejection at $79,399 can be technically explained.

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 had been holding at a loss for weeks. Bitcoin has seen 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 reported by 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 maintain their positions. This structural setup can lead to a squeeze if the spot price can hold above the $79,000 level, which has now been rejected three times.

The Federal Reserve and European Central Bank are scheduled to make policy decisions this week, and the earnings reports of the four largest U.S. companies by market capitalization are also anticipated. Either the Fed's decision or a strong earnings report could provide the catalyst that the Bitcoin market has been lacking.

Without such a catalyst, the third rejection from the $79,000 level in eight sessions may define the range rather than precede a breakout.