Bitcoin reached a 12-week high of $79,399 before encountering selling pressure during Monday's Asian morning session, thwarting its ascent towards $80,000. The cryptocurrency traded at $77,705, down 0.4% over 24 hours, after reversing sharply from its peak. Other cryptocurrencies, including Ether, Solana, and BNB, also declined. The rally that propelled Bitcoin to its highest level since January 31 lost momentum by mid-morning in Singapore.
The upswing was sparked by reports of Iran's proposal to the US to reopen the Strait of Hormuz, which led to a surge in Asian equities and a record high for the emerging markets index. However, Bitcoin's push towards $80,000 was met with resistance, attributed to many recent buyers approaching breakeven at this level, resulting in selling pressure.
Despite this, Bitcoin remains up 16% in April, on track for its first double-digit monthly gain since May 2025, with significant accumulation by strategy buyers. The Federal Reserve and European Central Bank's policy decisions, along with major tech earnings, could provide the catalyst for Bitcoin's next move.