Bitcoin held firm above $77,000 on Friday, consolidating after climbing to its highest level since early February earlier this week, as improving market sentiment helped offset lingering geopolitical concerns.
The leading cryptocurrency is up roughly 13.6% in April, putting it on track for its strongest monthly performance in a year, according to data from CoinGlass. The rebound follows a prolonged downturn that saw crypto markets record their longest stretch of monthly losses since 2018, with declines spanning from October through February.
Part of the recovery reflects a stronger macro backdrop. U.S. equities have rebounded sharply, with both the S&P 500 and Nasdaq returning to record highs after briefly dipping into correction territory earlier this year.
At the same time, crypto-specific liquidity trends are playing a key role. The supply of Tether (USDT), the market’s largest stablecoin, has surged to just under $150 billion—an increase of about $5 billion over the past two weeks following a period of stagnation.
Stablecoins, which are pegged to fiat currencies like the U.S. dollar, act as a key source of liquidity in digital asset markets. Rising supply is often interpreted as fresh capital entering the ecosystem, supporting higher asset prices.
Despite the positive momentum, macro risks have not fully dissipated. Ongoing tensions in the Middle East and uncertainty surrounding the Iran conflict continue to keep oil prices elevated.
However, market participants appear increasingly unfazed. According to Jasper de Maere, an OTC trader at Wintermute, both equity and crypto markets have largely “stopped reacting” to developments in the conflict.
He noted that strong corporate earnings and resilient stock markets are helping counterbalance concerns tied to geopolitics and rising energy costs, suggesting a degree of fatigue—or even complacency—among investors.
In this environment, bitcoin is trading near the upper end of its recent range, though the $79,000 level has emerged as a firm resistance zone, with traders taking profits at that level.
Adam Haeems, head of asset management at Tesseract Group, said this threshold is significant due to substantial institutional supply sitting just above it.
Whether bitcoin can break higher will depend on the nature of demand. Rallies driven primarily by short covering often fade, while moves supported by sustained institutional inflows tend to signal more durable upside.
The next key catalyst will be the upcoming Federal Reserve meeting in April. Haeems noted that continued ETF inflows through that event could turn $79,000 from resistance into support, opening the door for further gains. Conversely, if inflows weaken, bitcoin may retreat back into the $75,000 to $77,000 range.
