Bitcoin has maintained its position above $77,000, following a significant surge earlier in the week to its highest level since February. With a 13.6% increase in April, it is poised 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 increased to nearly $150 billion, with a $5 billion growth over the past two weeks, which is seen as a positive indicator of capital flowing into the crypto market.
Analysts view stablecoin growth as a signal of increased liquidity, which can lead to higher asset prices. However, geopolitical uncertainties and the upcoming Fed meeting may impact the sustainability of this rally. Markets seem to be currently disregarding the intricacies of the Iran conflict, but strong corporate earnings and resilient equity markets are helping to offset concerns about energy costs and geopolitical risks. The ability of bitcoin to break through the $79,000 level will depend on the drivers of the move and the participation of institutional buyers, with a potential test of this resistance level looming with the April Fed meeting.