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 curtailing its ascent towards the $80,000 mark for the first time since January. On Monday morning, Bitcoin was valued at $77,705, representing a 0.4% decline over the past 24 hours, after having peaked at $79,399 around 09:00 IST and subsequently experiencing a sharp downturn throughout the Asian session.

Meanwhile, Ether experienced a 2.4% decline to $2,329, Solana dropped 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 momentum 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 negotiations postponed until after the U.S.

naval blockade is lifted. Asian equities responded positively to this development.

The MSCI Asia Pacific Index rose 1.7%, the emerging markets index reached a record high, and Taiwan Semiconductor Manufacturing surged 6% to achieve its own record. Brent crude pared its earlier 2.5% gains to record a 1% increase at $106.50 per barrel.

Initially, Bitcoin participated in the risk-on movement but later deviated from it. The rejection at $79,399 can be attributed to a clean technical explanation. 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 traders liquidate positions they had been holding at a loss for weeks.

Bitcoin has experienced 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, as reported by 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 maintain positions, which is the structural setup that can lead to a squeeze if spot prices can hold above the $79,000 level that has now been rejected three times. This week, the Federal Reserve and European Central Bank are scheduled to make policy decisions, and the earnings reports of the four largest U.S.

companies by market capitalization are also expected. Either the Fed's decision or a single earnings beat 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.