Bitcoin posts largest April gain in a year; S&P 500 hits record

Bitcoin rose about 11.9% in April, its largest monthly increase in a year, as U.S. stocks climbed on strong quarterly results from Google and Apple. The S&P 500 peaked near 7,220 points intraday before closing roughly ten points lower.

Trading platforms showed Bitcoin approaching a 12% April gain while the S&P’s intraday high was recorded. Data providers confirmed the 11.9% monthly rise for Bitcoin but showed the cryptocurrency had not reestablished some key technical support levels.

The S&P 500’s advance followed better-than-expected reports from the two technology companies. A trading resource on social media noted the index had added more than $8 trillion in market value since local lows at the end of March. Charlie Bilello of Creative Planning pointed out the index was around 5,600 a year ago, 4,200 five years ago and 2,100 ten years ago.

The U.S. Bureau of Economic Analysis reported the Personal Consumption Expenditures price index for March at 3.5%, the highest reading since August 2023 and the Federal Reserve’s preferred inflation gauge. A commentator on social media wrote that U.S. inflation hit a three-year high and said April’s figures will be watched closely by markets.

On technical charts, Bitcoin did not secure a sustained weekly close above the 21-week exponential moving average, a level some analysts monitor for trend confirmation. Trader Rekt Capital warned followers on social media that the recent pullback resembled a rejection at that moving average and added that a retest of the mid-$60,000 area on weekly time frames would be “technically necessary to achieve full breakout confirmation.”

Some traders targeted the $77,000–$77,500 area as a near-term price objective, while others flagged the need for deeper support tests before declaring a sustained rally. Market participants said incoming inflation readings and recent technical signals will remain focal points for risk asset positioning.