Bitcoin has maintained its position above $77,000, following a notable surge to its highest level since early February. The cryptocurrency's 13.6% increase in April positions it for its strongest monthly performance in a year, according to data from CoinGlass, rebounding from a prolonged downturn that saw consecutive monthly declines from October to February.
The improvement in the macroeconomic landscape, marked by a strong recovery in US equities with the S&P 500 and Nasdaq reaching record highs, has contributed to this turnaround. Additionally, the significant growth of Tether's USDT, the largest stablecoin, has expanded by approximately $5 billion over the past two weeks to nearly $150 billion, acting as a key driver of liquidity in crypto markets.
This surge in stablecoin supply is often seen as an indicator of capital flowing into the crypto market, which can have a positive impact on asset prices. However, despite the current optimism, geopolitical uncertainties and the upcoming April Fed meeting may influence the sustainability of the rally, with the $79,000 level emerging as a crucial test for bitcoin's ability to break through and maintain higher trading ranges.