Bitcoin, with the symbol BTC, reached a 12-week high of $79,399 before encountering selling pressure during the Asian morning session on Monday, thereby halting its ascent towards the $80,000 mark for the first time since January. On Monday morning, Bitcoin was trading at $77,705, representing a 0.4% decline over the past 24 hours, after having peaked at $79,399 around 09:00 IST and then sharply reversing direction during the Asian session.

Meanwhile, Ether experienced a 2.4% decline to $2,329, Solana dropped 1.9% to $86, and BNB decreased 1.2% to $630. The upward momentum that propelled Bitcoin to its highest level since January 31 dissipated by mid-morning Singapore time.

This surge was triggered by a report from Axios indicating that Iran had proposed a new plan to the U.S. aimed at reopening the Strait of Hormuz, with nuclear discussions postponed until after the U.S.

naval blockade is lifted. Asian equities responded positively to this development.

The MSCI Asia Pacific Index rose 1.7%, the emerging markets index reached a record high, and Taiwan Semiconductor Manufacturing surged 6% to achieve its own record. Brent crude oil initially gained 2.5% but later pared its gains to a 1% increase at $106.50 per barrel. Initially, Bitcoin moved in tandem with the risk-on sentiment but subsequently deviated from this trend. The rejection at $79,399 can be explained by technical factors.

According to Rachael Lucas, an analyst at BTC Markets, the $80,000 threshold is where many recent buyers are approaching the breakeven point, which historically leads to selling pressure as these traders exit positions that were previously underwater 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 for perpetual futures across major exchanges remain negative on a 7-day basis, standing 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. This week, the Federal Reserve and the European Central Bank are scheduled to make policy decisions, while the earnings of the four largest U.S.

companies by market capitalization will be released. 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.