Bitcoin has maintained its position above $77,000, following a notable surge to its highest level since early February. With a 13.6% increase in April, the cryptocurrency is poised for its strongest monthly performance in a year, according to data from CoinGlass. This rebound follows a challenging period for crypto markets, which experienced their longest losing streak since 2018.
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. This growth in stablecoin supply is seen as a positive indicator for crypto markets, as it increases liquidity and can signal capital inflows. Despite persistent geopolitical uncertainties, markets appear to be looking beyond these concerns, with strong corporate earnings and resilient equity markets offsetting worries about higher energy costs and risks.
The upcoming Fed meeting in April will be a crucial test for the current rally, and the continuation of ETF inflows will be key to determining whether bitcoin can break through the $79,000 resistance level and establish a higher trading range.