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 $80,000 for the first time since January. The asset was trading at $77,705 on Monday morning, experiencing a 0.4% decline over 24 hours after peaking at $79,399 around 09:00 IST and subsequently reversing its course throughout the Asian session. Meanwhile, Ether decreased by 2.4% to $2,329, Solana dipped 1.9% to $86, and BNB fell 1.2% to $630.
The rally that propelled bitcoin to its highest level since January 31 dissipated by mid-morning Singapore time. The upward push 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 postponed 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 its own record. Brent crude pared its earlier 2.5% gains to a 1% increase at $106.50 per barrel. Bitcoin initially followed the risk-on trend before diverging from it.
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, which historically leads to selling pressure as those traders exit positions they were underwater on for weeks. Bitcoin has gained 16% in April, on track for its first double-digit monthly gain since May 2025. Strategy has purchased $3.9 billion worth of bitcoin this month, according to Bloomberg, marking the firm's largest monthly accumulation in a year.
Funding rates on 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, which is a structural setup that could lead to a squeeze if spot prices can hold above the $79,000 level that has now been rejected three times. The Federal Reserve and European Central Bank are both scheduled to make policy decisions this week, and megacap tech earnings will include the four largest U.S. companies by market cap.
Either the Fed or a single earnings beat could provide the catalyst the bitcoin market has been lacking. Without one, the third rejection from $79,000 in eight sessions starts to define the range rather than precede the breakout.