Bitcoin, with the symbol BTC, reached a 12-week high of $79,399 before encountering a seller wall, prompting a reversal during Monday's Asian morning session. This move thwarted the asset's potential run to $80,000, a level not seen since January. As of Monday morning, Bitcoin was trading at $77,705, marking a 0.4% decline over 24 hours. The cryptocurrency had climbed to $79,399 around 09:00 IST before sharply reversing during the Asia session.

Meanwhile, Ether dropped 2.4% to $2,329, Solana decreased 1.9% to $86, and BNB fell 1.2% to $630. The rally that propelled Bitcoin to its highest level since January 31 lost momentum by mid-morning Singapore time. The push higher was attributed to a report from Axios indicating Iran's proposal to the U.S. to reopen the Strait of Hormuz, with nuclear talks delayed until after the U.S.

naval blockade is lifted. This development led to a surge in Asian equities, with the MSCI Asia Pacific Index rising 1.7%, the emerging markets index reaching a record high, and Taiwan Semiconductor Manufacturing climbing 6% to a record level.

Brent crude pared its earlier 2.5% gains to a 1% increase at $106.50 a barrel. Initially, Bitcoin moved in tandem with the risk-on sentiment before diverging. 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, a level that historically generates selling pressure as traders exit positions they held at a loss for weeks. Bitcoin has seen a 16% increase in April, positioning it for its first double-digit monthly gain since May 2025. Strategy has purchased $3.9 billion worth of Bitcoin this month, the firm's largest monthly accumulation in a year, as reported by Bloomberg. Funding rates on 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.

This structural setup can lead to a squeeze if the spot price holds 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 megacap tech earnings including the four largest U.S.

companies by market cap, either the Fed or a single earnings beat could provide the catalyst 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.