Bitcoin (BTC) surged to a 12-week high of $79,399 before losing momentum during Monday’s Asian session, as sellers emerged near the $80,000 threshold and capped the advance.

The asset was trading at $77,705 in morning hours, down 0.4% over the past 24 hours, after a swift rejection from its intraday peak around 09:00 IST. The pullback extended across major tokens, with Ether declining 2.4% to $2,329, Solana falling 1.9% to $86, and BNB easing 1.2% to $630. The broader crypto market gave back gains that had lifted bitcoin to its strongest level since late January.

The move higher had been fueled by geopolitical headlines, after Axios reported that Iran had floated a proposal to the United States involving the reopening of the Strait of Hormuz. Progress on nuclear negotiations, however, remains contingent on the removal of a U.S. naval blockade.

Risk assets across Asia initially rallied on the news. The MSCI Asia Pacific Index advanced 1.7%, emerging market equities climbed to record levels, and Taiwan Semiconductor Manufacturing jumped 6% to a fresh high. In commodities, Brent crude trimmed earlier gains, holding up 1% at $106.50 per barrel after rising as much as 2.5%.

Bitcoin briefly tracked the broader risk-on tone before diverging, with the rejection near $79,400 highlighting a key technical barrier. Market participants point to the $80,000 region as a breakeven zone for a large cohort of recent buyers, a dynamic that often generates supply as traders exit positions after prolonged drawdowns.

Even with the setback, bitcoin remains up 16% for April, positioning it for its first double-digit monthly advance since May 2025. Institutional flows have provided additional support, with Strategy accumulating $3.9 billion worth of bitcoin during the month, marking its largest purchase in a year, according to Bloomberg.

Positioning data suggests latent upside risk. Funding rates on perpetual futures remain negative at -0.13% over a seven-day period, based on Coinglass data, indicating that short sellers continue to pay to maintain positions. This backdrop could set the stage for a squeeze if spot prices reclaim the $79,000 level, which has now been rejected multiple times.

Attention now turns to macro catalysts, with interest rate decisions from the Federal Reserve and the European Central Bank scheduled this week, alongside earnings from major U.S. technology firms.

Without a clear trigger, bitcoin’s repeated failure to break above $79,000 in recent sessions may reinforce a near-term trading range rather than signal an imminent move higher.