Bitcoin, with the symbol BTC, reached a 12-week high of $79,399 before encountering selling pressure during Monday's Asian morning session, thereby halting its ascent towards $80,000 for the first time since January. On Monday morning, Bitcoin was valued at $77,705, representing a 0.4% decline over the past 24 hours, after having peaked at $79,399 around 09:00 IST and subsequently reversing its course during the Asian session. Meanwhile, Ether experienced a 2.4% decline to $2,329, Solana slipped 1.9% to $86, and BNB fell 1.2% to $630. The rally that propelled Bitcoin to its highest level since January 31 dissipated by mid-morning Singapore time.
The upward push was triggered by a report from Axios stating that Iran had proposed a new plan to the U.S. to reopen the Strait of Hormuz, with nuclear negotiations 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 hitting a record high, and Taiwan Semiconductor Manufacturing surging 6% to its own record. Brent crude oil trimmed its earlier 2.5% gains to a 1% increase at $106.50 per barrel. Bitcoin briefly moved in tandem with the risk-on sentiment before diverging.
The rejection at $79,399 can be technically explained. According to Rachael Lucas, an analyst at BTC Markets, the $80,000 mark is where many recent buyers are approaching break-even, which historically leads to selling pressure as traders exit positions they had been holding at a loss for weeks.
Bitcoin has gained 16% in April, on track for its first double-digit monthly increase 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 on 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 maintain 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. The Federal Reserve and European Central Bank are scheduled to make policy decisions this week, and the earnings reports of the four largest U.S. companies by market capitalization are also due.
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 $79,000 in eight sessions may define the range rather than precede a breakout.