Bitcoin rose about 11.9 percent in April, marking its biggest monthly gain in a year.

On May 1, Cointelegraph said bitcoin ended April above $76,000 and was trading around $79,000 on May 4.

On the same day, U.S. stocks showed a stronger move. The S&P 500 rose to around 7,220 points during the session to set a new all-time high, and ended about 10 points below that level. Gains were led by better-than-expected results from Google and Apple.

In the process, risk assets broadly did not strongly reflect renewed signs of an uptick in U.S. inflation data. The personal consumption expenditures (PCE) price index for March, released by the U.S. Bureau of Economic Analysis (BEA), came in at 3.5 percent. That was the highest level since August 2023. The PCE price index is cited as the Federal Reserve's preferred inflation gauge.

Market participants also focused on the sharp rebound in equities. The Kobeissi Letter, an investment analysis firm, said the S&P 500 has added more than $8 trillion in market value since a local low in late March. Charlie Bilello (찰리 빌렐로), chief market strategist at Creative Planning, pointed out that the S&P 500 was around 5,600 a year ago, 4,200 five years ago and 2,100 10 years ago. That means the recent pace of gains has been that steep.

Bitcoin, despite its monthly gain, left mixed technical signals. CoinGlass data showed April's gain was 11.9 percent, the highest in a year, but the monthly candle failed to reclaim key support levels. These include the 21-week exponential moving average (EMA). Bitcoin has posted a weekly close above that line only once since October last year.

Trader Rekt Capital said bitcoin's correction is continuing and warned that if it fails to rise above the EMA by the weekly close, it could be seen as a move capped by EMA resistance. He added that "it is technically necessary to retest the mid-$60,000 area on a weekly basis."

Still, bitcoin later rose to around $79,000, extending a short-term rebound. Despite April's strong monthly gain, technical resistance remains, but the price has recovered around $79,000 and expectations for further gains appear to be rising again.

In the market, some see that if bitcoin confirms support in that area, April's upward move could extend into early May. If it fails to clearly break above key technical resistance such as the 21-week EMA, there remains a chance it will again move to confirm support in the mid-$60,000 range.

#BTC The Bitcoin pullback continues and this is looking more and more like an EMA rejection, especially if BTC isn't able to Weekly Close above the EMA by end of week After all, the breakout from the Double Bottom was technically unconfirmed And so successfully post-breakout… https://t.co/ktDhA16Szi pic.twitter.com/RIAGkpVv4w