Bitcoin, with the symbol BTC, reached a 12-week high of $79,399 before encountering a selling wall, prompting a sharp reversal during Asian morning hours on Monday. This development followed a rally that had positioned the asset for a potential surge to $80,000 for the first time since January. As of Monday morning, Bitcoin was trading at $77,705, marking a 0.4% decline over 24 hours. Other notable cryptocurrencies, including Ether, Solana, and BNB, also experienced declines of 2.4%, 1.9%, and 1.2%, respectively.
The rally that propelled Bitcoin to its highest level since January 31 lost momentum by mid-morning Singapore time. A recent report from Axios indicated that Iran had proposed a new plan to the U.S. to reopen the Strait of Hormuz, contingent upon the lifting of the U.S.
naval blockade, which had sparked the initial rally. Asian equities responded positively, with the MSCI Asia Pacific Index rising 1.7% and Taiwan Semiconductor Manufacturing reaching a record high.
However, Bitcoin's attempt to surpass $79,399 was met with resistance, attributed to the approaching breakeven point for many recent buyers, historically a point of selling pressure. Despite this, Bitcoin has seen a 16% increase in April, poised for its first double-digit monthly gain since May 2025. The Federal Reserve and European Central Bank are set to make policy decisions this week, which, along with major tech earnings, could provide the necessary catalyst for Bitcoin's price movement.