Bitcoin (BTC) reached a 12-week peak of $79,399 overnight before encountering selling pressure in the Asian trading session on Monday, curbing its rally that had set it up for a potential move to $80,000, a level not seen since January.
On Monday morning, Bitcoin was trading at $77,705, marking a 0.4% drop over the past 24 hours after reaching $79,399 around 09:00 IST and then sharply reversing during the Asia session. Ether decreased by 2.4% to $2,329, Solana fell 1.9% to $86, and BNB declined 1.2% to $630. The rally that propelled Bitcoin to its highest point since January 31 had dissipated by mid-morning Singapore time.
The upward momentum was fueled by a report from Axios indicating Iran’s new proposal to the U.S. regarding reopening the Strait of Hormuz, with nuclear discussions postponed until after lifting the U.S. naval blockade.
Asian equities followed suit, with the MSCI Asia Pacific Index climbing 1.7%, the emerging markets index setting a record, and Taiwan Semiconductor Manufacturing soaring 6% to its own peak. Brent crude scaled back earlier gains of 2.5% to rise by 1% at $106.50 per barrel.
Bitcoin briefly aligned with this risk-on trend before pulling back. The sell-off at $79,399 can be technically explained as Rachael Lucas, an analyst at BTC Markets, noted that many recent buyers hit their breakeven at $80,000, which traditionally triggers selling pressure due to traders exiting positions that were previously underwater.
Bitcoin has seen a 16% increase in April, poised for its first double-digit monthly gain since May 2025. According to Bloomberg, Strategy acquired $3.9 billion of Bitcoin this month, marking the firm’s largest monthly accumulation in over a year.
Funding rates on perpetual futures across major exchanges are still negative at -0.13% on a seven-day basis per Coinglass, indicating that shorts continue paying longs to maintain positions, creating conditions for a squeeze if spot prices remain above recent breakeven levels.
With policy decisions from the Federal Reserve and European Central Bank this week, along with earnings reports from the four largest U.S. companies by market cap, either a Fed move or an earnings surprise could serve as the catalyst bitcoin has been lacking. In its absence, Bitcoin’s third failure to break through $79,000 in eight sessions might define its trading range rather than signal an impending breakout.