Bitcoin held steady above $77,000 on Friday, consolidating after reaching its highest level since early February earlier this week, as markets looked past geopolitical tensions and focused on improving sentiment.
The cryptocurrency has gained about 13.6% in April, putting it on pace for its strongest monthly performance in a year, according to CoinGlass. The rebound follows a prolonged downturn that saw digital assets post their longest stretch of monthly losses since 2018, declining लगातार from October through February.
A more supportive macro environment has helped drive the recovery. U.S. equities have rebounded strongly, with both the S&P 500 and Nasdaq returning to record highs after briefly slipping into correction territory earlier this year.
At the same time, a key crypto-specific factor is providing additional support. The supply of Tether (USDT) has climbed to just under $150 billion, rising by roughly $5 billion over the past two weeks after months of stagnation.
Stablecoins—digital tokens pegged to fiat currencies—serve as a primary source of liquidity in crypto markets. Growth in their supply is often interpreted as new capital entering the ecosystem, supporting price action.
Despite the rally, macro risks have not fully faded. Ongoing tensions in the Middle East and uncertainty around the Iran conflict continue to keep oil prices elevated.
However, traders appear increasingly unfazed. Jasper de Maere, an OTC trader at Wintermute, noted that both equities and crypto markets have largely “stopped reacting” to developments in the conflict, pointing to a degree of fatigue among investors.
He added that strong corporate earnings and resilient equity markets are helping offset concerns tied to geopolitics and higher energy costs.
Bitcoin is currently trading near the top of its recent range, though the $79,000 level has emerged as firm resistance, with traders taking profits around that zone.
Adam Haeems, head of asset management at Tesseract Group, said this level is significant due to heavy institutional supply sitting just above it.
Whether bitcoin can push higher will depend on the nature of demand. Moves driven by short covering often lose momentum quickly, while rallies supported by sustained institutional inflows tend to be more durable.
The next key catalyst will be the upcoming Federal Reserve meeting. Haeems said continued ETF inflows through that event could help bitcoin break above $79,000 and establish it as support, opening the door to further upside. If flows weaken, however, the price may fall back into the $75,000–$77,000 range.
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