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, as per CoinGlass data, rebounding from a prolonged losing streak that lasted from October to February. This turnaround is partly attributed to the improvement in the broader macroeconomic landscape, with the S&P 500 and Nasdaq reaching record highs after a brief correction earlier in the year.
Additionally, the growth of Tether's USDT stablecoin, which has added approximately $5 billion in supply over the past two weeks, is seen as a key driver. This surge in stablecoin supply is interpreted as an influx of capital into the crypto market, acting as a positive signal for asset prices. However, geopolitical tensions and uncertainty surrounding the Iran war continue to pose risks.
Traders note that markets seem to have become desensitized to these concerns, focusing instead on strong corporate earnings and the resilience of equity markets. The upcoming Fed meeting in April will be a crucial test for the current rally, with the potential to determine whether bitcoin can break through the $79,000 resistance level, which is currently capped by heavy institutional supply.