Bitcoin (BTC) touched a 12-week high of $79,399 before running into heavy resistance, reversing lower during Monday’s Asian session and falling short of a sustained move toward $80,000.
The asset was last trading at $77,705, down 0.4% on the day, after a sharp pullback from its intraday peak around 09:00 IST. The broader crypto market softened alongside it, with Ether declining 2.4% to $2,329, Solana slipping 1.9% to $86, and BNB easing 1.2% to $630. The decline unwound gains that had pushed bitcoin to its strongest level since late January.
The earlier advance was triggered by geopolitical headlines, with Axios reporting that Iran had proposed reopening the Strait of Hormuz in talks with the United States. However, progress on nuclear negotiations remains stalled until a U.S. naval blockade is lifted.
Risk assets across Asia initially rallied on the development. The MSCI Asia Pacific Index gained 1.7%, emerging market equities climbed to record highs, and Taiwan Semiconductor Manufacturing jumped 6% to a new peak. Brent crude also pared earlier strength, trading up 1% at $106.50 per barrel after rising as much as 2.5%.
Bitcoin briefly tracked the risk-on sentiment before diverging, with the rejection near $79,400 underscoring a key resistance zone. Market participants note that the $80,000 level represents a breakeven area for many recent buyers, often leading to increased selling pressure as positions are exited.
Even with the pullback, bitcoin remains up 16% for April, keeping it on course for its first double-digit monthly gain since May 2025. Institutional demand has added support, with Strategy accumulating $3.9 billion worth of bitcoin this month — its largest monthly purchase in a year, according to Bloomberg.
Derivatives data points to a potential inflection. Funding rates across major exchanges remain negative at -0.13% on a seven-day basis, per Coinglass, indicating that short sellers are still paying to hold positions. This setup could fuel a squeeze if bitcoin manages to reclaim the $79,000 level, which has now been rejected multiple times.
Attention now shifts to macro catalysts, including upcoming policy decisions from the Federal Reserve and the European Central Bank, along with earnings from major U.S. technology firms.
Without a clear trigger, repeated failures near $79,000 in recent sessions suggest bitcoin may continue to trade within a defined range rather than breaking higher in the near term
