Bitcoin, with the symbol BTC, reached a 12-week high of $79,399 before encountering significant selling pressure during the Asian morning session on Monday, thereby halting its ascent towards the $80,000 mark for the first time since January. At the time of writing, Bitcoin was trading at $77,705, reflecting a 0.4% decline over the past 24 hours, after its sharp reversal during the Asia session. Other cryptocurrencies such as Ether, Solana, and BNB also experienced declines, with values of $2,329, $86, and $630 respectively. The rally that propelled Bitcoin to its highest level since January 31 lost momentum by mid-morning in Singapore.

This development occurred in the wake of a report from Axios stating that Iran had proposed a new plan to the U.S. aimed at reopening the Strait of Hormuz, with nuclear talks postponed until the U.S.

naval blockade is lifted. Asian equities responded positively to the news, with the MSCI Asia Pacific Index rising by 1.7% and the emerging markets index reaching a record high, while Taiwan Semiconductor Manufacturing saw a 6% surge to a new record. Meanwhile, Brent crude oil prices increased by 1% to $106.50 per barrel after initially gaining 2.5%. Bitcoin initially followed the risk-on trend but later diverged.

The rejection at $79,399 can be explained technically. According to Rachael Lucas, an analyst at BTC Markets, the $80,000 mark is where many recent buyers are approaching break-even, historically leading 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, positioning it for its first double-digit monthly gain since May 2025. Strategy has acquired $3.9 billion worth of Bitcoin this month, the largest monthly accumulation in a year, as per Bloomberg. Funding rates for perpetual futures across major exchanges remain negative on a 7-day basis at -0.13%, indicating that shorts are still paying longs to maintain their positions, a setup that could lead to a squeeze if the spot price holds above the $79,000 level, which has now been rejected three times. With the Federal Reserve and European Central Bank set to make policy decisions this week, and major tech companies scheduled to release their earnings, either of these events could provide the necessary catalyst for Bitcoin's price movement.

Without such a catalyst, the repeated rejection from the $79,000 level may define the current trading range rather than precede a breakout.