Bitcoin has maintained its position above $77,000, following a notable surge to its highest level since early February. This uptrend puts the cryptocurrency on track for a 13.6% gain in April, its best monthly performance in a year, according to CoinGlass data.
The rebound follows a prolonged period of decline, with crypto markets experiencing their longest losing streak since 2018. The recent turnaround can be attributed to an improved macroeconomic backdrop, with US equities recovering and reaching record highs. Additionally, the supply of Tether's USDT has increased by approximately $5 billion over the past two weeks, reaching nearly $150 billion. This growth in stablecoins, which act as liquidity in crypto markets, is often seen as a positive indicator of capital flowing into the crypto market.
Despite ongoing geopolitical tensions, markets appear to be looking past these concerns, with strong corporate earnings and resilient equity markets offsetting worries about higher energy costs. The upcoming Fed meeting will be a key test for the current rally, with the potential to determine whether the surge in bitcoin's price will be sustained.