Bitcoin has maintained its position above $77,000, following a significant surge earlier in the week to its highest level since February. This upward trend puts the cryptocurrency on track for its most substantial monthly gain in a year, with a 13.6% increase in April, according to CoinGlass data. The rebound comes after a prolonged period of decline, with crypto markets experiencing their longest losing streak since 2018.
The improvement in the broader macroeconomic landscape, including a strong recovery in U.S. equities, has contributed to the turnaround.
Additionally, the supply of Tether's USDT stablecoin has increased to nearly $150 billion, with a $5 billion growth over the past two weeks, acting as a key driver of liquidity in crypto markets. Analysts view this stablecoin growth as an indicator of capital flowing into the crypto market, which is a positive signal for asset prices.
However, geopolitical uncertainties and the upcoming April Fed meeting may impact the sustainability of the current rally.