Bitcoin has maintained its position above $77,000, following a notable surge to its highest level since early February. The cryptocurrency's 13.6% gain 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, marked by a strong recovery in US equities, has contributed to this turnaround.
Additionally, the supply of Tether's USDT stablecoin has increased to nearly $150 billion, adding approximately $5 billion over the past two weeks, which is seen as a positive signal for crypto market liquidity. Despite ongoing geopolitical tensions and uncertainty surrounding the Iran war, markets seem to be shifting their focus away from these concerns, with strong corporate earnings and resilient equity markets helping to offset worries about higher energy costs and risks. The upcoming Fed meeting in April will be a crucial test for the current rally, with the potential to determine whether it will be sustained or fade.