Bitcoin has maintained its position above $77,000, following a significant surge to its highest level since early 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.
The improvement in the macroeconomic backdrop, including a strong recovery in US equities, has contributed to the turnaround. Additionally, the growth of Tether's USDT stablecoin, with a $5 billion increase in supply over the past two weeks, is seen as a positive indicator for crypto market liquidity. Analysts view stablecoin growth as a sign of capital flowing into the crypto market, which can lead to higher asset prices. However, geopolitical risks and uncertainty surrounding the Iran war persist, and the upcoming Fed meeting may determine whether the current rally is sustained.
If institutional demand continues, bitcoin may break through the $79,000 resistance level, potentially leading to a higher trading range.