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 development occurred after the asset had been poised to reach $80,000 for the first time since January. As of Monday morning, Bitcoin was trading at $77,705, representing a 0.4% decline over the past 24 hours. The cryptocurrency had climbed to $79,399 around 09:00 IST before sharply reversing course during the Asian session.

Meanwhile, Ether experienced a 2.4% decline to $2,329, Solana fell 1.9% to $86, and BNB decreased 1.2% to $630. The rally that propelled Bitcoin to its highest level since January 31 lost momentum by mid-morning Singapore time. The recent surge was triggered by a report from Axios indicating that Iran had proposed a new plan to the U.S. to reopen the Strait of Hormuz, with nuclear talks delayed until after the U.S.

naval blockade is lifted. Asian equities responded positively to the news, with the MSCI Asia Pacific Index rising 1.7%, the emerging markets index reaching a record high, and Taiwan Semiconductor Manufacturing surging 6% to a new record. Brent crude oil prices also increased, pared earlier gains of 2.5% to a 1% gain at $106.50 per barrel. Initially, Bitcoin moved in tandem with the risk-on sentiment but later diverged.

According to Rachael Lucas, an analyst at BTC Markets, the rejection at $79,399 can be explained by the fact that $80,000 is a point where many recent buyers are approaching breakeven, which historically leads to selling pressure as traders exit positions that were previously unprofitable. Bitcoin has gained 16% in April, putting it on track for its first double-digit monthly increase 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 structural setup can lead to a squeeze if the spot price can hold above the $79,000 level, which has now been rejected three times. The Federal Reserve and European Central Bank are set to make policy decisions this week, and the earnings reports of the four largest U.S.

companies by market capitalization are also expected. Either the Fed's decision or a strong earnings report could provide the catalyst that the Bitcoin market has been lacking.

Without such a catalyst, the third rejection from $79,000 in eight sessions may define the range rather than precede a breakout.