Bitcoin remained firm above $77,000 on Friday, trading in a consolidation phase after reaching its strongest level since early February earlier this week, as investors largely brushed aside geopolitical concerns.
The asset is up करीब 13.6% in April, putting it on track for its best monthly gain in a year, according to CoinGlass. The recovery follows a prolonged slump that saw crypto markets log their longest streak of monthly losses since 2018, with declines spanning October through February.
A stronger macro backdrop has supported the turnaround. U.S. equities have rebounded sharply, with the S&P 500 and Nasdaq climbing back to record highs after briefly entering correction territory earlier this year.
At the same time, crypto-specific liquidity has improved. The supply of Tether (USDT) has expanded to just under $150 billion, increasing by around $5 billion over the past two weeks after months of little growth.
Stablecoins, which are pegged to fiat currencies, act as a key source of liquidity in crypto markets. Rising supply is often viewed as a signal of fresh capital entering the space, helping to support asset prices.
Despite these positives, macro uncertainty persists. Ongoing tensions in the Middle East and developments surrounding the Iran conflict continue to keep oil prices elevated.
Even so, market participants appear increasingly indifferent. Jasper de Maere, an OTC trader at Wintermute, said both equities and crypto have largely “stopped caring” about updates related to the conflict, pointing to signs of investor fatigue.
He added that strong corporate earnings and resilient stock markets are helping counterbalance concerns over geopolitics and energy costs.
Bitcoin is now hovering near the upper end of its recent range, with $79,000 acting as a key resistance level as traders take profits.
According to Adam Haeems of Tesseract Group, this level is structurally important due to significant institutional supply sitting just above it.
Whether BTC can break higher will depend on the type of demand driving the move. Rallies fueled primarily by short covering tend to fade, while those supported by sustained institutional inflows are more likely to be durable.
Attention now turns to the upcoming Federal Reserve meeting, which could shape the next move. Continued ETF inflows through that event could push bitcoin above $79,000 and establish a higher trading range, while weaker flows may see the price slip back toward the $75,000–$77,000 zone.
