Bitcoin, with the symbol BTC, reached a 12-week high of $79,399 during overnight trading before encountering a seller wall and reversing its trajectory during Asian morning hours on Monday, thereby halting 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, representing a 0.4% decline over the past 24 hours, following a sharp ascent to $79,399 around 09:00 IST, which was then followed by a reversal during the Asian session. Meanwhile, Ether experienced a 2.4% decline to $2,329, Solana fell by 1.9% to $86, and BNB saw a 1.2% decrease to $630.

The rally that propelled Bitcoin to its highest level since January 31 lost momentum by mid-morning Singapore time. This development was preceded by a report from Axios indicating that Iran had proposed a new plan to the U.S. aimed at reopening the Strait of Hormuz, with nuclear discussions postponed until after the U.S.

naval blockade is lifted. Asian equities responded positively to this news, with the MSCI Asia Pacific Index rising by 1.7%, the emerging markets index reaching a record high, and Taiwan Semiconductor Manufacturing surging 6% to achieve its own record.

Brent crude oil initially saw a 2.5% increase but later pared its gains to a 1% increase at $106.50 per barrel. Bitcoin initially followed the risk-on trend but then deviated from it. The rejection at $79,399 can be attributed to a clean technical explanation. 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 have been underwater on for weeks.

This month, Bitcoin has seen a 16% increase, 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 reported by 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, which is the structural setup that can produce a squeeze if the spot price can hold above the $79,000 level that has now been rejected three times. This week, the Federal Reserve and European Central Bank are scheduled to make policy decisions, and the earnings reports of the four largest U.S.

companies by market capitalization are also expected. 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.