Bitcoin, with the symbol BTC, reached a 12-week high of $79,399 before encountering a seller wall, prompting a reversal during Monday's Asian morning session. This move thwarted the asset's potential run to $80,000, a level not seen since January. By Monday morning, Bitcoin had fallen to $77,705, marking a 0.4% decline over 24 hours. Other cryptocurrencies such as Ether, Solana, and BNB also experienced declines, with percentages ranging from 1.2% to 2.4%.

The initial surge that drove Bitcoin to its highest point since January 31 lost momentum by mid-morning in Singapore. The catalyst for the brief uptrend was a report indicating Iran had proposed a new plan to the U.S.

for reopening the Strait of Hormuz, contingent upon the lifting of the U.S. naval blockade. This development led to a positive reaction in Asian equities, with the MSCI Asia Pacific Index rising 1.7% and the emerging markets index reaching a record high.

However, Bitcoin's attempt to join this risk-on movement was short-lived, as it quickly detached itself from the broader market trend. According to analyst Rachael Lucas from BTC Markets, the rejection at $79,399 can be technically explained by the fact that $80,000 is a threshold where many recent buyers are nearing breakeven, historically leading to selling pressure.

Despite this, Bitcoin has seen a 16% increase in April, positioning it for its first double-digit monthly gain since May 2025. Furthermore, Strategy has purchased $3.9 billion worth of Bitcoin this month, the largest monthly accumulation in a year. The perpetual futures funding rates across major exchanges remain negative, indicating that shorts are still paying longs to maintain their positions. This setup could lead to a squeeze if the spot price can hold above the $79,000 level, which has been rejected three times.

With the Federal Reserve and European Central Bank set to make policy decisions, and major tech companies scheduled to release their earnings, the stage is set for potential catalysts that could influence Bitcoin's trajectory. A positive outcome from either the Fed or a significant earnings beat could provide the necessary spark for Bitcoin to break out of its current range.