[Digital Today reporter Yeseul Kim (김예슬)] Bitcoin has risen 13.6 percent so far in April, raising the chances of its strongest monthly gain in a year.

On April 24, local time, blockchain media outlet CoinDesk reported that bitcoin traded above $77,000. It rose this week to its strongest level since early February and then paused.

The rebound is seen as the result of both an improved macro environment and a recovery in liquidity in the cryptocurrency market. U.S. stocks entered a correction at one point this year but later rebounded strongly. The S&P 500 and the Nasdaq climbed back to record highs.

Within the market, an expansion in Tether's USDT supply was cited as a key variable. USDT supply neared $150 billion and increased by about $5 billion over the past two weeks. That marked a break from months of stagnation. Because stablecoins are liquidity used to buy digital assets in the crypto market, a rise in supply is interpreted as a sign of inflows.

Macro uncertainty has not been resolved. Geopolitical tensions in the Middle East and uncertainty surrounding a war with Iran persist, and oil prices remain high. Jasper de Maer Wintermute, an over-the-counter trader, pointed out that stock and crypto markets are increasingly reacting less to complex news around the evolution of conflicts. He said strong corporate earnings and resilient equity markets are offsetting concerns about high energy costs and geopolitical risks.

Bitcoin is moving near the top of its recent trading range, but the $79,000 level is acting as strong resistance. Adam Hames, head of asset management at Tesseract Group, saw a heavy institutional selling overhang just above that level. He also said that if gains mainly rely on short-covering, momentum could fade and weaken after it cools, but if institutional demand persists, it could lead to a longer-lasting move.

The next variable is the Federal Reserve's April meeting. If exchange-traded fund (ETF) inflows continue until then, $79,000 could shift from resistance to support. If flows weaken, bitcoin could be pushed back into the $75,000 to $77,000 range, the outlet reported.