Bitcoin held above $77,000 on Friday, consolidating near recent highs after climbing to its strongest level since early February earlier this week, as markets continued to look past geopolitical tensions.

The cryptocurrency has gained around 13.6% in April, putting it on course for its best monthly performance in a year, according to CoinGlass. The rebound follows a difficult stretch in which digital assets recorded their longest run of monthly declines since 2018, falling लगातार from October through February.

A more favorable macro backdrop has helped support the recovery. U.S. equities have rallied strongly, with the S&P 500 and Nasdaq returning to record highs after briefly dipping into correction territory earlier this year.

At the same time, improving crypto liquidity has added momentum. The supply of Tether (USDT) has risen to just under $150 billion, expanding by roughly $5 billion over the past two weeks after a prolonged period of stagnation.

Stablecoins—tokens pegged to fiat currencies—serve as a key source of liquidity in the crypto ecosystem. Growth in their supply is typically seen as a sign of fresh capital entering the market, supporting price gains.

Despite the positive trend, macro risks remain. Tensions in the Middle East and uncertainty surrounding the Iran conflict continue to keep oil prices elevated.

However, investors appear increasingly unfazed. Jasper de Maere, an OTC trader at Wintermute, said both equity and crypto markets have largely “stopped reacting” to developments in the conflict, suggesting a degree of market fatigue.

He added that strong corporate earnings and resilient equity markets are helping offset concerns related to geopolitics and higher energy costs.

Bitcoin is currently trading near the upper end of its range, with $79,000 acting as a key resistance level as traders take profits.

Adam Haeems, head of asset management at Tesseract Group, said this level is structurally significant due to substantial institutional supply overhead.

Whether bitcoin can break through will depend on the nature of demand. Rallies driven by short covering often fade quickly, while those backed by sustained institutional inflows tend to be more durable.

The next key catalyst will be the upcoming Federal Reserve meeting. Haeems noted that continued ETF inflows through that event could help bitcoin flip $79,000 into support and extend the rally. If flows weaken, however, the price may retreat back into the $75,000–$77,000 range.