Welcoming the strongest monthly performance of the year! Bitcoin surges past $79,000; keep a close eye on "one dynamic" to see if the rally can continue.

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Bitcoin accelerated early this morning (27th), breaking through the $78,000 and $79,000 levels consecutively, reigniting bullish sentiment in the market. CoinGlass data shows that Bitcoin has risen over 15% in April, on track for its best monthly performance in a year. According to the latest quotes from CoinGecko, Bitcoin is currently trading at $79,255, up 2.2% over the past 24 hours, having touched a high of $79,399 today. ETH rose 3.5% to $2,397; XRP and BNB rose 1.4% and 1.6% respectively; while Solana (SOL) climbed 1.9% to $87.99. Prior to this, the cryptocurrency market had just experienced its longest winter since 2018, suffering five consecutive months of declines from last October to February. This strong rebound is primarily benefiting from an improved macroeconomic environment. The US stock market has seen a robust recovery recently; after brief corrections early in the year, both the S&P 500 and the Nasdaq have soared to new all-time highs, driving optimism across risk assets. However, beyond the macroeconomic tailwinds, the cryptocurrency market has a powerful engine of its own. The supply of USDT, the world's largest stablecoin by market cap, has seen explosive growth recently after months of stagnation, surging by approximately $5 billion in just two weeks to reach a total scale nearing $150 billion. In the cryptocurrency market, stablecoins act as liquidity providers and serve as the primary "ammunition" for investors to purchase crypto assets. Analysts generally view the expansion of stablecoin supply as a clear signal that hot money is accelerating into the market, which is undoubtedly the healthiest bullish indicator for asset prices. Market "immune" to geopolitics? Middle East conflict impact blunted Despite this, macroeconomic alarms have not been fully cleared. Geopolitical tensions in the Middle East and concerns over the conflict with Iran persist, keeping international oil prices volatile at high levels, yet the market's reaction appears relatively calm. Jasper de Maere, a trader at crypto market maker Wintermute, observed: "Whether in the stock market or the crypto market, investors seem to no longer dance to the headlines of conflict developments. This shows a certain degree of fatigue, or even complacency, in the market." He added that strong corporate earnings and a resilient stock market have offset investor concerns over rising energy costs and geopolitical risks. Adam Haeems, Head of Asset Management at Tesseract Group, pointed out that the $79,000 price level is structurally critical "because there is massive institutional selling pressure lurking above." Whether Bitcoin can hold this level depends on the driving force and the main buying power behind this rally. Adam Haeems explained that if the gains are driven by "short covering," the momentum will quickly fade once it cools; conversely, if the breakout is supported by genuine institutional demand, it could form a more long-term trend reversal. He warned that the next major test for the market will be the April meeting of the US Fed FOMC, which will determine whether the current rebound can be sustained. If capital inflows into Bitcoin spot ETFs can weather this period, $79,000 could turn from a "resistance level" into a "support level," opening up further upside; conversely, if capital momentum wanes, Bitcoin may pull back to the "$75,000 – $77,000" consolidation range. On-chain whales positioned early, long positions hit record highs It is worth noting that the movements of large holders had already revealed clues. According to Glassnode data, on the on-chain perpetual contract exchange Hyperliquid, the positions of crypto whales shifted from "net short" to "net long" as early as the beginning of March and have maintained a bullish alignment ever since, even continuing to add to long positions throughout April. This key shift coincides with Bitcoin's trend from rising near $64,000 in February to approaching $80,000 today. Over the past year, Hyperliquid has become the preferred on-chain trading venue for large traders, and the position changes of these whales often lead (rather than lag) the spot market by days or even weeks, serving as a forward-looking indicator for Bitcoin's price trend. Today, the long positions of these whales have reached the most aggressive levels on record, adding significant confidence to Bitcoin's future outlook.

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Published:2026-04-27 02:27:32

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