Bitcoin, with the symbol BTC, reached a 12-week high of $79,399 before encountering a sellers' wall, prompting a reversal during Monday's Asian morning session. This move thwarted the asset's potential run to $80,000, a level not seen since January.

By Monday morning, Bitcoin had slipped to $77,705, marking a 0.4% decline over 24 hours. The downturn followed a sharp ascent to $79,399 around 09:00 IST, which was subsequently reversed.

Other cryptocurrencies such as Ether, Solana, and BNB also experienced declines, falling 2.4%, 1.9%, and 1.2%, respectively. The rally that propelled Bitcoin to its highest level since January 31 lost momentum by mid-morning Singapore time. The initial push upward was attributed to a report from Axios regarding Iran's proposal to the U.S. to reopen the Strait of Hormuz, contingent upon the lifting of the U.S.

naval blockade. This development led to a surge in Asian equities, with the MSCI Asia Pacific Index rising 1.7% and the emerging markets index reaching a record high.

Taiwan Semiconductor Manufacturing also saw a significant 6% increase to an all-time high. However, Bitcoin's brief alignment with the risk-on move was short-lived, as it soon diverged. The rejection at $79,399 can be technically explained by the fact that $80,000 marks the breakeven point for many recent buyers, historically leading to selling pressure as traders exit positions that were previously underwater.

Despite this, Bitcoin has seen a 16% increase in April, poised for its first double-digit monthly gain since May 2025. Notably, strategy bought $3.9 billion of Bitcoin this month, the largest monthly accumulation in a year, according to Bloomberg.

Funding rates on perpetual futures across major exchanges remain negative, indicating that shorts are still paying longs to hold positions. This setup could lead to a squeeze if the spot price can maintain a level above $79,000, which has been rejected three times.

The upcoming policy decisions by the Federal Reserve and European Central Bank, along with key tech earnings, may provide the necessary catalyst for Bitcoin's price movement. Without such a catalyst, the repeated rejection from the $79,000 level may define the range rather than precede a breakout.