Bitcoin, with the symbol BTC, reached a 12-week high of $79,399 before encountering resistance from sellers during the Asian morning session 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, following its sharp reversal during the Asian session. Other digital currencies also experienced declines, with Ether dropping 2.4% to $2,329, Solana falling 1.9% to $86, and BNB decreasing 1.2% to $630. The rally that propelled Bitcoin to its highest level since January 31 lost momentum by mid-morning in Singapore.

This surge was prompted by a report from Axios indicating that Iran had proposed a new plan to the United States to reopen the Strait of Hormuz, with nuclear negotiations postponed until after the U.S. naval blockade is lifted.

Asian equities responded positively, with the MSCI Asia Pacific Index rising 1.7%, the emerging markets index reaching a record high, and Taiwan Semiconductor Manufacturing surging 6% to its own record. Brent crude oil prices pared their initial 2.5% gains to close 1% higher at $106.50 per barrel.

Bitcoin initially followed the risk-on trend but then deviated from it. The rejection at $79,399 can be attributed to technical factors.

According to Rachael Lucas, an analyst at BTC Markets, the $80,000 mark is where many recent buyers are approaching break-even, which historically leads to selling pressure as traders exit positions that were previously unprofitable. Bitcoin has experienced a 16% increase in April, putting it on track for its first double-digit monthly gain since May 2025. Strategy has acquired $3.9 billion worth of Bitcoin this month, marking the firm's largest monthly accumulation in a year, as reported by Bloomberg. Funding rates for perpetual futures across major exchanges remain negative on a 7-day basis, standing at -0.13% according to Coinglass, indicating that shorts are still paying longs to hold positions.

This structural setup can lead to a squeeze if the spot price can maintain its position above the $79,000 level, which 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 anticipated. Either the Federal Reserve'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 the $79,000 level in eight sessions may define the range rather than precede a breakout.