Bitcoin has maintained its position above $77,000, following a significant surge earlier in the week to its highest level since February. According to CoinGlass data, the cryptocurrency is on track for a 13.6% gain in April, which would mark its best monthly performance in a year, rebounding from a prolonged period of decline that lasted from October to February. The improvement in the macroeconomic backdrop, including a strong recovery in US equities with the S&P 500 and Nasdaq reaching record highs, 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, acting as a significant liquidity driver in crypto markets.
This growth in stablecoins is often seen as an indicator of capital flowing into the crypto market, which can be a positive signal for asset prices. However, geopolitical uncertainties and the upcoming Fed meeting could impact the sustainability of this rally, with the $79,000 level being a crucial resistance point that, if broken, could lead to a higher trading range for bitcoin.