Bitcoin, currently trading at $78,713.75, reached a 12-week peak of $79,399 before encountering resistance from sellers during Monday's Asian morning session, halting its ascent towards the $80,000 mark for the first time since January. On Monday morning, Bitcoin was valued at $77,705, reflecting a 0.4% decline over 24 hours, after having surged to $79,399 around 09:00 IST, only to sharply reverse course during the Asian session. Meanwhile, Ether dropped 2.4% 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. The upward push was driven by a report from Axios stating that Iran had proposed a new plan to the U.S. to reopen the Strait of Hormuz, with nuclear talks 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 pared its earlier 2.5% gains to a 1% increase at $106.50 per barrel. Initially, Bitcoin moved in tandem with the risk-on sentiment but later diverged.
The rejection at $79,399 can be attributed to a clean technical explanation. According to Rachael Lucas, an analyst at BTC Markets, the $80,000 mark is where many recent buyers are approaching breakeven, which historically leads to 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 per Bloomberg, marking the firm's largest monthly accumulation in a year. 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. This structural setup can lead to a squeeze if spot prices can maintain a level above $79,000, which has now been rejected three times. This week, the Federal Reserve and European Central Bank are set to announce policy decisions, and the earnings reports of the four largest U.S.
companies by market capitalization are due. Either the Fed's decision or a strong earnings report 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.