Bitcoin, with the symbol BTC, reached a 12-week high of $79,399 before encountering resistance from sellers 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 had declined to $77,705, representing a 0.4% decrease over the past 24 hours, following its sharp reversal during the Asia session.

Concurrently, Ether experienced a 2.4% decline to $2,329, while Solana and BNB fell by 1.9% to $86 and 1.2% to $630, respectively. The rally that propelled Bitcoin to its highest level since January 31 lost momentum by mid-morning in Singapore.

This development was preceded by a report from Axios indicating 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. The news sparked a surge in Asian equities, with the MSCI Asia Pacific Index rising by 1.7% and the emerging markets index reaching a record high.

Taiwan Semiconductor Manufacturing also achieved a record high, surging 6%. Meanwhile, Brent crude pared its initial 2.5% gains to a 1% increase at $106.50 per barrel. Initially, Bitcoin followed the risk-on trend but later deviated from it. According to Rachael Lucas, an analyst at BTC Markets, the rejection at $79,399 can be attributed to the fact that $80,000 is the point at which many recent buyers are approaching break-even, historically leading to selling pressure as traders exit positions that were previously unprofitable.

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, marking the firm's largest monthly accumulation in a year, as per Bloomberg. The funding rates for perpetual futures across major exchanges remain negative on a 7-day basis, at -0.13% according to Coinglass, indicating that shorts are still paying longs to hold positions. This 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.

With the Federal Reserve and European Central Bank set to make policy decisions this week, and the upcoming release of megacap tech earnings, including those of the four largest U.S. companies by market capitalization, either the Fed's decision or a positive earnings report could provide the necessary catalyst for Bitcoin's growth. Without such a catalyst, the third rejection from the $79,000 level in eight sessions may define the range rather than precede a breakout.