Bitcoin, with the symbol BTC, reached a 12-week high of $79,399 during overnight trading before encountering a sellers' wall, prompting a sharp reversal in the Asian morning session on Monday. This move thwarted the asset's potential run towards the $80,000 mark for the first time since January.

By Monday morning, Bitcoin was trading at $77,705, marking a 0.4% decline over 24 hours, after having peaked at $79,399 around 09:00 IST. Other cryptocurrencies also experienced declines, with Ether dropping 2.4% to $2,329, Solana falling 1.9% to $86, and BNB decreasing 1.2% to $630. The rally that had propelled Bitcoin to its highest level since January 31 lost momentum by mid-morning Singapore time.

The initial upward push was attributed to a report by 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 set its own record. Brent crude initially gained 2.5% but later pared its gains to 1% at $106.50 a barrel. Bitcoin briefly followed the risk-on trend before deviating from it.

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 breakeven, historically leading to selling pressure as traders exit positions they had been holding at a loss for weeks.

Despite the recent rejection, Bitcoin is on track for a 16% gain in April, which would be 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. 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 megacap tech earnings from the four largest U.S.

companies by market cap, either the Fed or a single earnings beat could provide the catalyst the Bitcoin market needs. Without such a catalyst, the third rejection from $79,000 in eight sessions may define the range rather than precede a breakout.