Bitcoin is currently trading above $77,000, having reached its highest level since early February, and is on track for a 13.6% gain in April, its best monthly performance in a year. This rebound follows a period of decline, with crypto markets experiencing their longest losing streak since 2018.
The improvement in the macro backdrop, including a strong recovery in US equities, has contributed to the turnaround. Additionally, the supply of Tether's USDT stablecoin has increased by approximately $5 billion over the past two weeks, reaching nearly $150 billion, which is seen as a positive signal for crypto markets.
Analysts believe that the growth of stablecoins, which act as liquidity in crypto markets, indicates an influx of capital into the market. However, geopolitical tensions and uncertainty surrounding the Iran war persist, and markets are awaiting the outcome of the April Fed meeting, which could determine whether the current rally will hold.