Bitcoin reached a 12-week high of $79,399 before encountering resistance from sellers during Monday's Asian morning session, thereby curtailing its ascent towards the $80,000 mark for the first time since January. The cryptocurrency traded at $77,705 on Monday morning, experiencing a 0.4% decline over 24 hours after briefly reaching $79,399. This downturn was accompanied by declines in other major cryptocurrencies, including Ether, Solana, and BNB.
The recent rally, which had propelled Bitcoin to its highest level since January 31, began to unwind by mid-morning in Singapore. The initial surge was fueled by reports of a new Iranian proposal to the US aimed at reopening the Strait of Hormuz, pending the lifting of the US naval blockade. This development led to a rise in Asian equities, with the MSCI Asia Pacific Index increasing by 1.7% and Taiwan Semiconductor Manufacturing reaching a record high. However, Bitcoin's attempt to reach $80,000 was met with selling pressure, as many recent buyers approached the breakeven point.
According to analyst Rachael Lucas, this level has historically been a point of resistance due to traders rotating out of underwater positions. Despite this, Bitcoin remains on track for its first double-digit monthly gain since May 2025, with a 16% increase in April. The market is now awaiting potential catalysts, including policy decisions from the Federal Reserve and European Central Bank, as well as earnings reports from major US companies.