Bitcoin has maintained its position above $77,000, following its strongest performance since early February, with a 13.6% increase in April, marking its best monthly growth in a year. This rebound comes after a prolonged downturn, with consecutive monthly declines from October to February. The improvement in the macroeconomic landscape, including a strong recovery in US equities, has contributed to this turnaround. Additionally, the supply of Tether's USDT stablecoin has surged to nearly $150 billion, adding approximately $5 billion over the past two weeks, which is seen as a positive signal for asset prices.
Analysts view stablecoin growth as an indicator of capital flowing into the crypto market. However, geopolitical risks persist, and markets seem to be looking past these concerns for now, with strong corporate earnings and resilient equity markets offsetting concerns about higher energy costs. The next significant test for bitcoin will be the April Fed meeting, which may determine whether the current rally is sustained. If institutional demand continues, the $79,000 level could transition from resistance to support, potentially leading to a higher trading range.