Bitcoin briefly touched a 12-week high of $79,399 overnight before sellers stepped in during Asian trading hours on Monday, halting a rally that had aimed for the $80,000 mark for the first time since January.
By Monday morning, bitcoin was trading at $77,705, down 0.4% over the previous 24 hours. The climb to $79,399 around 09:00 IST reversed sharply through the Asia session. Other major cryptocurrencies also slipped: ether fell 2.4% to $2,329, Solana dropped 1.9% to $86, and BNB declined 1.2% to $630. The rally that lifted bitcoin to its highest level since January 31 unraveled by mid-morning in Singapore.
The initial push higher followed a report from Axios that Iran had offered a new proposal to the US to reopen the Strait of Hormuz, with nuclear talks delayed until after the US naval blockade is lifted.
Asian Equities Rise, But Bitcoin Breaks Away
Asian equities responded positively. The MSCI Asia Pacific Index rose 1.7%, the emerging markets index hit a record, and Taiwan Semiconductor Manufacturing surged 6% to its own record. Brent crude pared earlier gains of 2.5% to end up 1% at $106.50 a barrel. Bitcoin briefly joined this risk-on move but then peeled away.
The rejection at $79,399 has a clear technical explanation. Rachael Lucas, an analyst at BTC Markets, noted that $80,000 is where many recent buyers are approaching breakeven. Historically, this level creates selling pressure as those traders rotate out of positions they were underwater on for weeks.
Bitcoin’s April Rally and Market Structure
Despite the pullback, bitcoin is still up 16% in April, on pace for its first double-digit monthly gain since May 2025. Strategy bought $3.9 billion of bitcoin this month, according to Bloomberg, marking the firm’s largest monthly accumulation in a year.
Funding rates on perpetual futures across major exchanges remain negative on a 7-day basis at -0.13%, per Coinglass. This means shorts are still paying longs to hold positions. That structural setup typically produces a squeeze if spot can hold above the recent breakeven cluster.
What Could Move Markets Next
The Federal Reserve and European Central Bank both have policy decisions this week. Megacap tech earnings also include the four largest US companies by market cap. Either the Fed or a single earnings beat could provide the catalyst the bitcoin tape has been missing. Without one, the third rejection from $79,000 in eight sessions starts to define the range rather than precede the breakout.
