Bitcoin, with the symbol BTC, reached a 12-week high of $79,399 before encountering significant selling pressure during Monday's Asian morning session, thereby halting its ascent towards the $80,000 mark for the first time since January. As of Monday morning, Bitcoin was trading at $77,705, representing a 0.4% decline over the past 24 hours, after having briefly touched $79,399 around 09:00 IST. This sharp reversal occurred during the Asian session.
Meanwhile, other cryptocurrencies also experienced declines, with Ether dropping 2.4% to $2,329, Solana falling 1.9% to $86, and BNB decreasing 1.2% to $630. The upward momentum that propelled Bitcoin to its highest level since January 31 dissipated by mid-morning Singapore time. The initial surge was sparked by a report from Axios indicating that Iran had proposed a new plan to the U.S. for reopening the Strait of Hormuz, with nuclear negotiations postponed 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%, the emerging markets index reaching a record high, and Taiwan Semiconductor Manufacturing surging 6% to a new record. Brent crude oil also pared its earlier 2.5% gains, ultimately rising 1% to $106.50 per barrel. Initially, Bitcoin moved in tandem with the broader risk-on sentiment but later diverged.
The rejection at $79,399 can be attributed to technical factors. According to Rachael Lucas, an analyst at BTC Markets, the $80,000 level is where many recent buyers are approaching break-even, which historically leads to selling pressure as these traders exit positions they had been holding at a loss for weeks. Bitcoin has experienced a 16% increase in April, positioning it 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 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 can lead to a squeeze if the spot price can maintain its position above the $79,000 level, which has now been rejected three times.
The Federal Reserve and European Central Bank are scheduled to make policy decisions this week, 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 the $79,000 level in eight sessions may begin to define the range rather than precede a breakout.