Bitcoin, with the symbol BTC, reached a 12-week high of $79,399 during overnight trading before encountering a significant selling wall, prompting a sharp reversal in the Asian morning session on Monday. This move thwarted the asset's potential run towards the $80,000 mark for the first time since January. As of Monday morning, Bitcoin was trading at $77,705, reflecting a 0.4% decline over the past 24 hours. The cryptocurrency had briefly touched $79,399 around 09:00 IST before experiencing a sharp downturn.
Other major cryptocurrencies also saw declines, with Ether dropping 2.4% to $2,329, Solana falling 1.9% to $86, and BNB declining 1.2% to $630. The rally that propelled Bitcoin to its highest level since January 31 lost momentum by mid-morning Singapore time. The catalyst for the initial surge was a report from Axios indicating that Iran had proposed a new plan to the U.S. for reopening the Strait of Hormuz, with nuclear talks postponed until after the U.S.
naval blockade is lifted. This news sparked a risk-on sentiment in Asian equities, with the MSCI Asia Pacific Index rising 1.7% and the emerging markets index reaching a record high. Taiwan Semiconductor Manufacturing saw a significant 6% surge to a record high. However, Bitcoin's attempt to join this risk-on move was short-lived, as it soon detached from the trend.
The rejection at $79,399 can be explained by technical factors, according to Rachael Lucas, an analyst at BTC Markets. Lucas noted that the $80,000 level is where many recent buyers are approaching breakeven, a point that historically triggers selling pressure as traders exit positions that were previously underwater. Despite the current setback, Bitcoin is still up 16% in April, positioning it for its first double-digit monthly gain since May 2025. Strategy has accumulated $3.9 billion in Bitcoin this month, the largest monthly accumulation in a year, as reported by Bloomberg.
Funding rates on perpetual futures across major exchanges remain negative on a 7-day basis, standing at -0.13% per Coinglass. This indicates that shorts are still paying longs to maintain their positions, setting up a structural environment that could lead to a squeeze if the spot price can hold above the $79,000 level, which has now been rejected three times.
With the Federal Reserve and European Central Bank set to make policy decisions this week, and megacap tech earnings on the horizon, including the four largest U.S. companies by market cap, there are potential catalysts that could propel Bitcoin forward.
The absence of such a catalyst, however, could solidify the current range rather than pave the way for a breakout, especially considering the third rejection from the $79,000 level in eight sessions.