Bitcoin, with the symbol BTC, reached a 12-week high of $79,399 before encountering selling pressure during Asian trading hours on Monday, thereby halting its ascent towards the $80,000 mark for the first time since January. On Monday morning, Bitcoin was valued at $77,705, representing a 0.4% decline over the past 24 hours, after peaking at $79,399 around 09:00 IST and subsequently reversing its course throughout the Asian session. Meanwhile, Ether experienced a 2.4% decline to $2,329, Solana dropped 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.

This surge was triggered 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 to this development.

The MSCI Asia Pacific Index rose by 1.7%, the emerging markets index reached a record high, and Taiwan Semiconductor Manufacturing surged 6% to achieve its own record. Brent crude pared its earlier 2.5% gains to record a 1% increase at $106.50 per barrel.

Initially, Bitcoin followed the risk-on trend but later diverged. The rejection at $79,399 can be explained technically. According to Rachael Lucas, an analyst at BTC Markets, the $80,000 mark is where many recent buyers are approaching break-even, which historically leads to selling pressure as traders exit positions they have 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 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 maintain their positions.

This structural setup can lead to a squeeze if the spot price can hold above the $79,000 level, which has now been rejected three times. The Federal Reserve and European Central Bank are both set to make policy decisions this week, 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.