Bitcoin touched a 12-week high of $79,399 overnight before sellers pushed it back down during Asian trading hours on Monday. The price settled around $77,705, down 0.4% over 24 hours.
This was the third time in eight sessions that bitcoin failed to clear the $79,000 level. The repeated rejections are starting to define a clear trading range.
The overnight rally was sparked by a report from Axios that Iran offered a new proposal to reopen the Strait of Hormuz, with nuclear talks linked to lifting a US naval blockade. Risk assets moved higher across the board on the news.
BREAKING: Iran through Pakistani mediators has given the US a new proposal for reaching a deal on the reopening of the Strait of Hormuz and ending the war, per Axios.
Details include:
1. Nuclear negotiations are postponed for a later stage under the deal
2. President Trump is…
— The Kobeissi Letter (@KobeissiLetter) April 27, 2026
Asian equities responded strongly. The MSCI Asia Pacific Index rose 1.7%, the emerging markets index hit a record, and Taiwan Semiconductor Manufacturing surged 6%. Bitcoin briefly joined the move before reversing.
Analyst Rachael Lucas from BTC Markets explained the $80,000 level is where many recent buyers are near breakeven. That tends to create selling pressure as those traders exit positions they held underwater for weeks.
Funding rates on perpetual futures remain negative at -0.13% on a seven-day basis, according to Coinglass. This means shorts are still paying longs, a setup that could trigger a squeeze if bitcoin holds above the current price cluster.
Bitcoin is on pace for its first double-digit monthly gain since May 2025. Strategy purchased $3.9 billion in bitcoin this month, its largest monthly buy in a year, according to Bloomberg.
Other crypto assets also pulled back. Ether fell 2.4% to $2,329, Solana dropped 1.9% to $86, and BNB declined 1.2% to $630.
US stock futures slipped Sunday night. Futures tied to the Dow Jones Industrial Average fell about 0.2%, while contracts on the S&P 500 and Nasdaq 100 each dropped roughly 0.2%.
Despite the soft futures open, both the S&P 500 and Nasdaq Composite closed last week at record highs. The S&P 500 gained more than 9% in April and the Nasdaq surged over 15%.
Oil prices continued to climb on Iran tensions. Brent crude rose around 2% to trade above $100 a barrel, while West Texas Intermediate climbed above $96.
The Federal Reserve and European Central Bank both have policy decisions due this week. This Fed meeting is expected to be one of the final ones chaired by Jerome Powell before Kevin Warsh takes over.
Earnings from several Magnificent Seven tech companies are also due this week. These results will be closely watched as a test of how large-cap stocks are holding up under current market conditions.
For bitcoin, traders are waiting on either a Fed decision or a strong earnings result to act as the catalyst needed to break out of its current range.
The most recent data shows bitcoin trading at $77,705 with negative funding rates still in place and $80,000 remaining untested for a fourth time.
The post Daily Market Update: Bitcoin Hits 12-Week High, Stock Futures Lower — What’s Moving Markets This Monday appeared first on CoinCentral.
