Bitcoin (BTC) is on track to close April with its strongest monthly performance in nearly 18 months, currently showing 14.3% gains that would mark the best month since November 2024. The cryptocurrency is trading just below the $80,000 level, representing roughly $20,000 above its February lows. April's gains marginally exceed those of April 2025, when Bitcoin finished 14.1% higher.
The surge comes as institutional capital has returned to the crypto space in force. US spot Bitcoin exchange-traded funds (ETFs) absorbed nearly 19,000 BTC over the past five days alone. Andre Dragosch, European research head at crypto asset manager Bitwise, highlighted the significance of this demand on supply dynamics, noting the institutional buying represented roughly nine times the new supply entering the market during that period.
"Institutional demand for #bitcoin is clearly accelerating," Dragosch stated in a social media post. The rebound has coincided with US stocks hitting new all-time highs, though Bitcoin still faces technical resistance at key levels.
Traders remain cautious despite the April gains, noting Bitcoin must overcome the $80,000 zone to confirm a sustained trend reversal on higher timeframes. According to analyst Daan Crypto Trades, "above the $80K area is where the bulls would need to push through to turn this around on the high timeframe," with immediate support located around $72,000 and $65,000 below that.
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