Bitcoin, with the symbol BTC, reached a 12-week high of $79,399 before encountering a selling wall, which led to a decline in its value. This occurred during the Asian morning session on Monday, halting the asset's potential run to $80,000 for the first time since January. The price of Bitcoin was $77,705 on Monday morning, representing a 0.4% decrease over 24 hours. It had previously climbed to $79,399 around 09:00 IST but sharply reversed direction during the Asian session.
Other cryptocurrencies such as Ether, Solana, and BNB also experienced declines. The rally that propelled Bitcoin to its highest level since January 31 lost momentum by mid-morning in Singapore time.
The initial push higher was attributed to a report from Axios regarding Iran's proposal 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 to this news, with the MSCI Asia Pacific Index rising 1.7% and Taiwan Semiconductor Manufacturing reaching a record high.
However, Bitcoin's price movement diverged from the broader risk-on trend. According to analyst Rachael Lucas, the rejection at $79,399 can be explained by the fact that many recent buyers are approaching breakeven at $80,000, historically leading to selling pressure. Despite this, Bitcoin has seen a 16% increase in April, on track for its first double-digit monthly gain since May 2025.
Strategy has purchased $3.9 billion of Bitcoin this month, the largest monthly accumulation in a year. Funding rates on perpetual futures remain negative, indicating that shorts are still paying longs to hold positions. This setup could lead to a squeeze if the spot price holds above $79,000. With the Federal Reserve and European Central Bank set to make policy decisions this week, and major tech companies releasing their earnings, the market is awaiting a potential catalyst for Bitcoin's price movement.