Bitcoin, with the symbol BTC, reached a 12-week high of $79,399 before encountering a selling wall, prompting a sharp reversal during Monday's Asian morning session. This move derailed the asset's potential run to $80,000, a level not seen since January.

As of Monday morning, Bitcoin was trading at $77,705, down 0.4% over the past 24 hours. The cryptocurrency had briefly touched $79,399 around 09:00 IST before sellers stepped in. Other digital assets also saw declines, with Ether dropping 2.4% to $2,329, Solana falling 1.9% to $86, and BNB declining 1.2% to $630. The rally that pushed Bitcoin to its highest level since January 31 lost steam by mid-morning in Singapore.

The initial push higher was attributed to a report from Axios indicating Iran's proposal to the U.S. to reopen the Strait of Hormuz, which has been delayed until after the U.S. naval blockade is lifted. Asian equities responded positively, with the MSCI Asia Pacific Index rising 1.7% and Taiwan Semiconductor Manufacturing surging 6% to a record high.

However, Bitcoin's attempt to join the risk-on move was short-lived, peeling away after briefly touching $79,399. According to Rachael Lucas, an analyst at BTC Markets, the rejection at $79,399 can be technically explained by the fact that $80,000 is a level where many recent buyers are approaching breakeven, historically leading to selling pressure. Despite this, Bitcoin is still up 16% in April, on track for its first double-digit monthly gain since May 2025.

Institutional investment in Bitcoin has been significant, with Strategy purchasing $3.9 billion worth of the cryptocurrency this month, the largest monthly accumulation in a year. Funding rates on perpetual futures across major exchanges remain negative, indicating that shorts are still paying longs to hold positions. This structural setup could lead to a squeeze if the spot price can hold above the $79,000 level, which has been rejected three times.

With the Federal Reserve and European Central Bank set to make policy decisions this week, and major tech companies releasing their earnings, the stage is set for potential catalysts that could impact Bitcoin's price. A positive outcome from either the Fed or a significant earnings beat could provide the necessary spark for Bitcoin to break out of its current range.