Bitcoin is poised for its best monthly performance in a year, surging over 13% in April and holding above $77,000. This rebound is largely fueled by a $5 billion increase in Tether’s USDT supply, which has reached nearly $150 billion, enhancing liquidity in the crypto markets. Traders are now eyeing the critical $79,000 resistance level, with the upcoming Federal Reserve meeting expected to play a pivotal role in determining whether this rally can sustain momentum.
The broader financial landscape has also shifted positively, as strong corporate earnings and recovering U.S. equities have overshadowed geopolitical tensions, particularly regarding the Iran conflict. This has led to a notable shift in market sentiment, with analysts observing that both equities and crypto markets appear to be dismissing these risks for the time being.
Market professionals should closely monitor the Fed’s April meeting; if ETF inflows continue and institutional demand remains robust, Bitcoin could break through the $79,000 level, potentially establishing a new support range and signaling a more durable upward trend.
Source: coindesk.com