Bitcoin has maintained its position above $77,000, following a strong rebound earlier in the week that saw it reach its highest level since February. The cryptocurrency is now poised for its best monthly performance in a year, with a 13.6% increase in April, according to CoinGlass data. This turnaround 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 US equities, has contributed to this shift.
Additionally, the growth of Tether's USDT stablecoin, which has surged to nearly $150 billion, is seen as a key driver of liquidity in crypto markets, signaling a positive trend for asset prices. However, geopolitical risks persist, and the upcoming Fed meeting may determine whether the current rally will be sustained.
Analysts note that a breakout above the $79,000 level, driven by sustained institutional demand, could mark a more durable shift in the market, while a move driven by short covering may fade once momentum cools.