Bitcoin, with the symbol BTC, reached a 12-week high of $79,399 before encountering significant selling pressure during Asian morning trading on Monday, thereby halting its ascent towards the $80,000 mark for the first time since January. As of Monday morning, Bitcoin was valued at $77,705, representing a 0.4% decline over the past 24 hours, after having surged to $79,399 around 09:00 IST and subsequently experiencing a sharp reversal throughout the Asian session. Meanwhile, Ether experienced a 2.4% decline to $2,329, Solana fell 1.9% to $86, and BNB decreased 1.2% to $630.

The rally that propelled Bitcoin to its highest level since January 31 lost momentum by mid-morning Singapore time. This development was precipitated by a report from Axios indicating that Iran had presented a new proposal to the U.S. aimed at reopening the Strait of Hormuz, with nuclear talks postponed until after the lifting of the U.S. naval blockade.

Asian equities responded positively to this 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 achieve its own record. Brent crude pared its earlier 2.5% gains to record a 1% increase at $106.50 per barrel. Initially, Bitcoin followed the risk-on momentum before diverging from it.

The rejection at $79,399 can be explained technically. According to Rachael Lucas, an analyst at BTC Markets, the $80,000 threshold is where numerous recent buyers are approaching breakeven, a level that historically generates selling pressure as traders liquidate positions they have been holding at a loss for weeks. Bitcoin has experienced a 16% increase in April, positioning it for its first double-digit monthly gain since May 2025.

Strategy has acquired $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 positions.

This structural setup can lead to a squeeze if spot prices can sustain levels above the $79,000 threshold that 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 expected. Either the Fed's decision or a single earnings beat could provide the catalyst that 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.