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 that lasted from October to February.
The improvement in the broader macroeconomic landscape, including a strong recovery in US equities, has contributed to this turnaround. Additionally, the supply of Tether's USDT stablecoin has grown by approximately $5 billion over the past two weeks, reaching nearly $150 billion, which is seen as a positive indicator of capital flowing into the crypto market. However, geopolitical tensions and uncertainty surrounding the Iran war persist, keeping oil prices elevated. Markets appear to be looking beyond these concerns for now, with strong corporate earnings and resilient equity markets offsetting worries about higher energy costs and geopolitical risks.
The upcoming Fed meeting in April will be a crucial test for the current rally, and the direction of bitcoin will depend on the drivers of the move and the participation of institutional buyers.