Bitcoin, with the symbol BTC, reached a 12-week high of $79,399 before encountering resistance from sellers 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, having previously surged to $79,399 around 09:00 IST before sharply reversing during the Asian session. Meanwhile, Ether experienced a 2.4% decline to $2,329, Solana fell 1.9% to $86, and BNB decreased 1.2% to $630.

The rally that propelled Bitcoin to its highest level since January 31 lost momentum by mid-morning Singapore time. This development was triggered by a report from Axios indicating that Iran had proposed a new initiative to the U.S. aimed at reopening the Strait of Hormuz, with nuclear negotiations postponed until after the U.S.

naval blockade is lifted. Asian equities responded positively, 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 initially gained 2.5% but later pared its gains to 1% at $106.50 per barrel.

Bitcoin briefly 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 breakeven, historically resulting in selling pressure as traders exit positions they had been holding at a loss for weeks. Bitcoin has gained 16% in April, on track for its first double-digit monthly increase since May 2025.

Strategy has purchased $3.9 billion worth of Bitcoin this month, the largest monthly accumulation in a year, as per Bloomberg. 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, 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 are set to make policy decisions, while megacap tech earnings will include the four largest U.S. companies by market capitalization. Either the Fed's decision or a single earnings beat could provide the catalyst the Bitcoin market has been lacking.

Without such a catalyst, the third rejection from $79,000 in eight sessions may define the range rather than precede a breakout.