Bitcoin, with the symbol BTC, reached a 12-week peak of $79,399 before encountering selling pressure during Monday's Asian morning session, halting its ascent towards the $80,000 mark for the first time since January. The cryptocurrency was trading at $77,705 on Monday morning, representing a 0.4% decline over 24 hours, after having reached $79,399 around 09:00 IST and then experiencing a sharp reversal during the Asian session.
Meanwhile, other major 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.
The upward push was triggered by a report from Axios indicating that Iran had proposed a new plan to the US to reopen the Strait of Hormuz, with nuclear talks postponed until after the US naval blockade is lifted. Asian equities responded positively to the 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 pared its earlier 2.5% gains to finish 1% higher at $106.50 a barrel. Bitcoin initially followed the risk-on trend but then diverged. The rejection at $79,399 can be technically explained. 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 traders close their underwater positions.
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 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 hold positions, a structural setup that could lead to a squeeze if the spot price can hold above the $79,000 level that has now been rejected three times. This week, the Federal Reserve and European Central Bank will make policy decisions, and the four largest US companies by market cap will release their earnings.
Either the Fed's decision or a strong earnings report could provide the catalyst that the Bitcoin market has been missing. Without such a catalyst, the third rejection from $79,000 in eight sessions may define the range rather than precede a breakout.