At the 3:53 mark, they are standing at range.  Hill held the advantageous outside position with his lead foot. The distance allowed Pereira to easily dodge by fading back and to his right. This moment proved significant, as Pereira likely identified Hill's primary offensive weapon and gauged its timing.

During the stoppage you can see Pereira jump forward closing the distance pressuring Hill ultimately stepping on his foot and taking up space. Hill stood his ground, throwing his left, but it missed similarly to the first attempt. Pereira, unlike before, was already in range and countered effectively with a left hook.