Bitcoin, with the symbol BTC, reached a 12-week high of $79,399 before encountering a selling wall during Monday's Asian morning session, thereby curtailing its ascent towards the $80,000 mark for the first time since January. The cryptocurrency was valued at $77,705 on Monday morning, indicating a 0.4% decline over the past 24 hours, following its sharp reversal during the Asian session. Other digital currencies such as Ether, Solana, and BNB also experienced declines of 2.4%, 1.9%, and 1.2%, respectively. The upward momentum that propelled Bitcoin to its highest level since January 31 dissipated by mid-morning in Singapore.
This surge was triggered by a report from Axios stating that Iran had proposed a new plan to the U.S. for reopening the Strait of Hormuz, with nuclear discussions postponed until the U.S.
naval blockade is lifted. The news sparked a rally in Asian equities, with the MSCI Asia Pacific Index rising 1.7% and the emerging markets index reaching a record high. However, Bitcoin's attempt to break through the $79,000 barrier was met with resistance, and it subsequently pulled back. According to analyst Rachael Lucas, the $80,000 level is a critical point where many recent buyers are approaching breakeven, which historically leads to selling pressure as traders close out underwater positions.
Despite this, Bitcoin has seen a 16% increase in April, putting it on track for its first double-digit monthly gain since May 2025. Furthermore, strategy bought $3.9 billion worth of Bitcoin this month, the largest monthly accumulation in a year. With funding rates on perpetual futures remaining negative, indicating that shorts are still paying longs to hold positions, the stage is set for a potential squeeze if the spot price can hold above the $79,000 level. The upcoming policy decisions from the Federal Reserve and European Central Bank, along with the release of megacap tech earnings, could provide the catalyst needed for Bitcoin to break through its current range.