Bitcoin, with the symbol BTC, reached a 12-week high of $79,399 before encountering a seller wall, triggering a reversal during Asian morning trading on Monday. This move thwarted the asset's potential run to $80,000, a level not seen since January.
By Monday morning, Bitcoin had declined to $77,705, representing a 0.4% drop over 24 hours. Other cryptocurrencies also saw declines, with Ether down 2.4% to $2,329, Solana falling 1.9% to $86, and BNB decreasing 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 push higher was reportedly driven by news of Iran's proposal to the U.S. to reopen the Strait of Hormuz, contingent on the lifting of the U.S. naval blockade, which had been delayed.
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 trade in tandem with the risk-on move was short-lived, as it soon diverged. According to analyst Rachael Lucas, the rejection at $79,399 can be explained by the fact that $80,000 is a critical level where many recent buyers are approaching breakeven, historically leading to selling pressure. Despite this, Bitcoin has seen a 16% increase in April, positioning it for its first double-digit monthly gain since May 2025.
Strategy has accumulated $3.9 billion in Bitcoin this month, the largest monthly accumulation in a year. With funding rates on perpetual futures remaining negative, indicating that shorts are paying longs to hold positions, a potential squeeze could occur if Bitcoin can hold above the $79,000 level.
The upcoming policy decisions by the Federal Reserve and European Central Bank, along with key tech earnings, could provide the necessary catalyst for Bitcoin's next move. Without such a catalyst, the repeated rejection from the $79,000 level may define the current range rather than precede a breakout.