Bitcoin closes April up 12%, MicroStrategy posts its first positive month since July

Bitcoin (BTC) closed April 2026 with a gain of 12% , ending at $76,500 after a March marked by strong volatility. This performance comes amid a recovery in inflows into spot Bitcoin ETFs, as well as a gradual easing of macroeconomic tensions. However, on-chain data reveal an increase in liquidated short positions, while active addresses and spot volumes remain stable, suggesting a possible speculative dimension to this rise. What happened in April MicroStrategy (MSTR), the largest institutional holder of Bitcoin, recorded its first profitable month since July 2025. The company strengthened its BTC exposure by adding $4.1 billion of Bitcoin to its balance sheet, bringing its total to 226,331 BTC , an estimated value of $17.3 billion . This accumulation adds to an already favorable environment, marked by net inflows of $2 billion into spot Bitcoin ETFs during the month. On the macroeconomic front, expectations of an interest rate cut by the Federal Reserve in June 2026 supported risk assets, including Bitcoin. However, no major regulatory catalyst or fundamental announcement was recorded to explain this bullish dynamic. Why it matters Bitcoin's 12% rise in April reflects a technical rebound after a prolonged consolidation period. However, the absence of solid spot demand outside of ETFs raises the risk of a short-term correction. MicroStrategy, whose stock is strongly correlated with Bitcoin's price, benefits from this trend but remains vulnerable to a prolonged decline in the underlying asset. Institutional investors appear to favor ETFs for indirect exposure to Bitcoin, which limits the immediate impact on prices. To confirm the bullish trend, an increase in spot volumes and accumulation by "whales" (large holders) would be necessary. A monthly close above $78,000 could thus validate the recovery. What to watch On-chain data for May, notably the evolution of active addresses and whale flows. Federal Reserve announcements regarding interest rates, expected in June 2026. A possible confirmation of the bullish trend with a Bitcoin monthly close above $78,000. The evolution of spot volumes and inflows into Bitcoin ETFs, a key indicator of institutional demand. MicroStrategy's movements, whose performance remains closely tied to that of Bitcoin.