Bitcoin, with the symbol BTC, reached a 12-week high of $79,399 before encountering resistance from sellers during the Asian morning session on Monday, thereby halting its ascent towards $80,000 for the first time since January. By Monday morning, Bitcoin was trading at $77,705, marking a 0.4% decline over the past 24 hours, after it had surged to $79,399 around 09:00 IST and then sharply reversed during the Asian session. Meanwhile, Ether experienced a 2.4% decline to $2,329, Solana fell by 1.9% to $86, and BNB decreased by 1.2% to $630. The rally that propelled Bitcoin to its highest level since January 31 lost momentum 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 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 per barrel. Bitcoin briefly followed the risk-on trend before diverting 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 break-even, which historically leads to selling pressure as traders exit positions they had been holding at a loss 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 at -0.13% per Coinglass, indicating that shorts are still paying longs to hold positions.
This structural setup could 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 capitalization are also scheduled. Either the Fed's decision or a strong earnings report 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.