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. By Monday morning, Bitcoin was trading at $77,705, marking a 0.4% decline over the past 24 hours after peaking at $79,399 around 09:00 IST and subsequently experiencing a sharp reversal throughout the Asian session.
Meanwhile, Ether experienced a 2.4% decline to $2,329, Solana fell by 1.9% to $86, and BNB decreased by 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 presented a new proposal to the U.S. aimed at reopening the Strait of Hormuz, with nuclear talks postponed until after the U.S.
naval blockade is lifted. Asian equities responded positively to the news, with the MSCI Asia Pacific Index rising by 1.7%, the emerging markets index reaching a record high, and Taiwan Semiconductor Manufacturing surging 6% to achieve its own record.
Brent crude pared its earlier 2.5% gains, eventually rising by 1% to $106.50 per barrel. Bitcoin initially followed the risk-on trend before diverging.
The rejection at $79,399 can be technically explained. According to Rachael Lucas, an analyst at BTC Markets, the $80,000 mark is where many recent buyers are approaching break-even, a point that historically generates selling pressure as traders exit positions they had been holding at a loss for weeks. 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, 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. This week, the Federal Reserve and the European Central Bank are set to make policy decisions, and the earnings reports of the four largest U.S. companies by market capitalization are also scheduled.
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 define the range rather than precede a breakout.