Bitcoin, with the symbol BTC, reached a 12-week high of $79,399 before encountering a seller wall, causing it to pull back. This occurred during Monday's Asian morning hours, thwarting its potential ascent to $80,000 for the first time since January. As of Monday morning, Bitcoin was trading at $77,705, representing a 0.4% decline over 24 hours. Other cryptocurrencies, such as Ether, Solana, and BNB, also experienced declines of 2.4%, 1.9%, and 1.2%, respectively.
The rally that propelled Bitcoin to its highest level since January 31 lost momentum by mid-morning in Singapore. The initial upward push was attributed to a report about Iran's proposal to the U.S.
regarding the reopening of the Strait of Hormuz, which led to a delay in nuclear talks until after the U.S. naval blockade is lifted. This news sparked a surge in Asian equities, 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 this risk-on move was short-lived, as it eventually broke away. According to analyst Rachael Lucas, the rejection at $79,399 can be explained by the fact that many recent buyers are approaching breakeven at $80,000, historically leading to selling pressure. Despite this, Bitcoin has seen a 16% increase in April, putting it on track for its first double-digit monthly gain since May 2025. With major exchanges' funding rates remaining negative, the structural setup is in place for a potential squeeze if Bitcoin can maintain its position above $79,000.
The upcoming week will see key policy decisions from the Federal Reserve and European Central Bank, as well as earnings reports from the four largest U.S. companies by market cap, which could provide the necessary catalyst for Bitcoin's price movement.