Bitcoin, with the symbol BTC, reached a 12-week high of $79,399 before encountering a selling wall, prompting a reversal during Monday's Asian morning session. This setback occurred after the asset had been poised to reach $80,000 for the first time since January. By Monday morning, Bitcoin was trading at $77,705, representing a 0.4% decline over 24 hours. Other notable cryptocurrencies, such as Ether, Solana, and BNB, also experienced declines of 2.4%, 1.9%, and 1.2%, respectively.
The rally that propelled Bitcoin to its highest level since January 31 lost momentum by mid-morning in Singapore. A report from Axios stating that Iran had proposed reopening the Strait of Hormuz to the U.S. had initially fueled the upward push. However, the momentum was short-lived, with Bitcoin diverging from the broader risk-on move in the market.
According to Rachael Lucas, an analyst at BTC Markets, the rejection at $79,399 can be attributed to the fact that many recent buyers are approaching the breakeven point at $80,000, historically leading to selling pressure. Despite this, Bitcoin has seen a 16% increase in April, putting it on track for its first double-digit monthly gain since May 2025.
Strategy has accumulated $3.9 billion worth of Bitcoin this month, the largest monthly accumulation in a year, according to Bloomberg. With funding rates on perpetual futures remaining negative and major central banks having policy decisions this week, the stage is set for potential catalysts that could influence the Bitcoin market.