Following a surge to a 12-week high of $79,399, Bitcoin retreated as sellers intervened during Monday's Asian morning session, thwarting its potential run towards the $80,000 milestone for the first time since January. On Monday morning, Bitcoin was valued at $77,705, marking a 0.4% decline over 24 hours after reaching $79,399 around 09:00 IST, only to reverse sharply throughout the Asian session. Other cryptocurrencies also saw declines, with Ether dropping 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 Singapore time.
This development came on the heels of a report from Axios 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, with the MSCI Asia Pacific Index rising 1.7%, the emerging markets index hitting a record, and Taiwan Semiconductor Manufacturing surging 6% to its own record.
Meanwhile, Brent crude pared its earlier 2.5% gains to finish 1% higher at $106.50 a barrel. Initially, Bitcoin followed the risk-on move but soon deviated from it. The rejection at $79,399 can be attributed to technical factors. 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 exit positions they had been holding at a loss for weeks.
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 structural setup could lead to a squeeze if the spot price can hold above the $79,000 level, which has now been rejected three times.
This week, the Federal Reserve and European Central Bank are set to announce policy decisions, and megacap tech earnings will include the four largest U.S. companies by market cap.
Either the Fed's decision or a strong earnings report could provide the necessary catalyst for Bitcoin's price movement. Without such a catalyst, the third rejection from $79,000 in eight sessions may define the range rather than precede a breakout.