Bitcoin, with the symbol BTC, reached a 12-week high of $79,399 before encountering a seller wall, prompting a reversal during Monday's Asian morning session. This move derailed the asset's potential run to $80,000, a level not seen since January. By Monday morning, Bitcoin had dropped to $77,705, representing a 0.4% decline over 24 hours.

Other cryptocurrencies also experienced losses, with Ether decreasing by 2.4% to $2,329, Solana falling 1.9% to $86, and BNB declining 1.2% to $630. The rally that propelled Bitcoin to its highest level since January 31 lost momentum by mid-morning in Singapore. The initial surge was attributed to a report from Axios indicating Iran's proposal to the U.S.

to reopen the Strait of Hormuz, with nuclear talks postponed until after the U.S. naval blockade is lifted. Asian equities responded positively, with the MSCI Asia Pacific Index rising 1.7% and the emerging markets index reaching a record high.

Taiwan Semiconductor Manufacturing saw a 6% increase to a record high. Brent crude pared its earlier 2.5% gains to a 1% increase at $106.50 per barrel.

Bitcoin briefly followed the risk-on trend before diverging. The rejection at $79,399 can be technically explained.

According to Rachael Lucas, an analyst at BTC Markets, the $80,000 mark is where many recent buyers are approaching breakeven, historically resulting in selling pressure as traders exit positions that were previously underwater. 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 purchased $3.9 billion worth of Bitcoin this month, the largest monthly accumulation in a year, according to Bloomberg. Funding rates for perpetual futures across major exchanges remain negative on a 7-day basis at -0.13% per Coinglass, indicating that shorts are still paying longs to hold positions.

This setup could lead to a squeeze if the spot price holds above the $79,000 level, which has been rejected three times. The Federal Reserve and European Central Bank are set to make policy decisions this week, and the earnings of the four largest U.S. companies by market cap are also scheduled. Either the Fed's decision or a strong earnings report could provide the catalyst that Bitcoin needs; without it, the repeated rejection from $79,000 may define the range rather than precede a breakout.