Bitcoin has maintained its position above $77,000, following a significant surge earlier in the week to its highest level since February. The cryptocurrency's 13.6% increase in April puts it on track for its best monthly performance in a year, according to CoinGlass data, rebounding from a prolonged losing streak that lasted from October to February. The improvement in the broader macroeconomic landscape, including a strong recovery in US equities, has contributed to the turnaround.
Additionally, the supply of Tether's USDT stablecoin has surged to nearly $150 billion, with a $5 billion increase over the past two weeks, acting as a key driver of liquidity in crypto markets. Despite ongoing geopolitical tensions and uncertainty surrounding the Iran war, markets appear to be looking beyond these concerns, with strong corporate earnings and resilient equity markets offsetting worries about higher energy costs and geopolitical risks. The upcoming Fed meeting in April will be a crucial test for the current rally, with the potential to determine whether the surge in bitcoin's price will be sustained.