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 CoinGlass data. This rebound comes after a challenging period, marked by the longest losing streak in crypto markets since 2018, with consecutive monthly declines from October to February.
The improvement in the broader macroeconomic landscape, including a strong recovery in US equities, has contributed to this turnaround. Additionally, the growth of Tether's USDT, the largest stablecoin, has risen to nearly $150 billion, with a $5 billion increase over the past two weeks, acting as a key driver of liquidity in crypto markets.
Analysts view stablecoin growth as an indicator of capital inflow into the crypto market, which can have a positive impact on asset prices. However, geopolitical uncertainties persist, and the upcoming Fed meeting in April will be a crucial test for the current rally, potentially determining whether the $79,000 level will become a support or resistance point for bitcoin.