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. By Monday morning, Bitcoin had dropped to $77,705, marking a 0.4% decline over the past 24 hours.
Other cryptocurrencies, including Ether, Solana, and BNB, also experienced declines of 2.4%, 1.9%, and 1.2%, respectively. The upward momentum that drove Bitcoin to its highest level since January 31 dissipated by mid-morning in Singapore.
The initial surge was attributed to a report from Axios regarding Iran's proposal to the U.S. for reopening the Strait of Hormuz, contingent upon the lifting of the U.S. naval blockade, which had been delayed. Asian equities responded positively, with the MSCI Asia Pacific Index rising 1.7% and the emerging markets index reaching a record high.
Taiwan Semiconductor Manufacturing saw a significant 6% surge to a record high. However, Bitcoin's attempt to join this 'risk-on' move was short-lived, as it soon decoupled. The rejection at $79,399 can be technically explained by the fact that $80,000 marks the breakeven point for many recent buyers, historically leading to selling pressure as traders exit underwater positions. Despite this, Bitcoin remains up 16% in April, poised for its first double-digit monthly gain since May 2025.
Institutional investment in Bitcoin has been significant, with $3.9 billion accumulated this month, the largest in a year. Funding rates for perpetual futures across major exchanges remain negative, indicating that shorts are still paying longs to maintain positions, a setup that could lead to a squeeze if Bitcoin holds above $79,000. With the Federal Reserve and European Central Bank set to make policy decisions and major tech companies releasing earnings, the stage is set for potential catalysts that could impact Bitcoin's trajectory. The absence of such catalysts, however, could solidify the current range rather than precipitate a breakout.