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. This occurred after the asset had been poised to reach $80,000 for the first time since January.
By Monday morning, Bitcoin had slipped to $77,705, marking a 0.4% decline over 24 hours. Other cryptocurrencies also experienced losses, with Ether dropping 2.4% to $2,329, Solana falling 1.9% to $86, and BNB declining 1.2% to $630. The rally that propelled Bitcoin to its highest level since January 31 lost momentum by mid-morning in Singapore. The initial surge was attributed to a report that Iran had proposed reopening the Strait of Hormuz to the U.S., with nuclear talks scheduled to resume after the U.S.
naval blockade is lifted. Asian equities responded positively, with the MSCI Asia Pacific Index rising 1.7% and Taiwan Semiconductor Manufacturing reaching a record high of 6%. However, Bitcoin's attempt to join the risk-on move was short-lived, as it retreated from the $79,399 level. According to Rachael Lucas, an analyst at BTC Markets, the rejection at $79,399 can be explained by the fact that many recent buyers are approaching breakeven at the $80,000 mark, historically leading to selling pressure.
Despite this, Bitcoin has gained 16% in April and is on track for its first double-digit monthly increase since May 2025. Strategy has purchased $3.9 billion worth of Bitcoin this month, the largest monthly accumulation in a year. Funding rates for perpetual futures across major exchanges remain negative, indicating that shorts are still paying longs to hold positions.
This structural setup could lead to a squeeze if the spot price can hold above the $79,000 level, which has now been rejected three times. With the Federal Reserve and European Central Bank set to make policy decisions this week, and major tech companies scheduled to release their earnings, the stage is set for a potential catalyst for Bitcoin's price movement.