Bitcoin, with the symbol BTC, reached a 12-week high of $79,399 during overnight trading before encountering resistance from sellers in the Asian morning session on Monday, thereby halting its ascent towards the $80,000 mark for the first time since January. On Monday morning, the cryptocurrency was trading at $77,705, experiencing a 0.4% decline over 24 hours after reaching $79,399 around 09:00 IST and subsequently reversing its course throughout the Asian session. Other notable cryptocurrencies, such as Ether, Solana, and BNB, also witnessed declines of 2.4%, 1.9%, and 1.2%, respectively. The rally that propelled bitcoin to its highest level since January 31 dissipated by mid-morning Singapore time.

This surge was partly fueled 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 talks postponed until after the U.S. naval blockade is lifted. The MSCI Asia Pacific Index rose 1.7%, while the emerging markets index and Taiwan Semiconductor Manufacturing reached record highs, with the latter surging 6%.

Brent crude initially gained 2.5% but later pared its gains to 1% at $106.50 per barrel. Bitcoin initially followed the risk-on trend but then deviated 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, which historically leads to selling pressure as traders exit positions they held at a loss for weeks.

Bitcoin has experienced a 16% increase in April, positioning it for its first double-digit monthly gain since May 2025. Strategy has acquired $3.9 billion worth of bitcoin this month, the largest monthly accumulation in a year, as reported by Bloomberg.

The 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 hold positions. This 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 set to make policy decisions this week, and the earnings of the four largest U.S. companies by market cap will be announced. 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.