Massive USDC Inflows Spur Bullish Sentiment

CryptoQuant analyst Maartunn has taken note of the largest influx of the USDC stablecoin in history.

Earlier today, a staggering $1.4 billion worth of USDC was deposited to the Coinbase exchange.

According to Maartunn, this might be a signal of strong buying pressure. Notably, such a massive USDC inflow also occurred in early 2023 when the Bitcoin price was nearing the bottom of the previous bearish cycle.

At press time, Bitcoin is trading below the make-it-or-break-it $70,000 level after dropping by nearly 2% over the past 24 hours.

More bullish predictions

According to cryptocurrency trader Ali, the largest cryptocurrency has managed to form a head-and-shoulders pattern on its 30-minute chart. As predicted by the chartist, the price of the flagship cryptocurrency could potentially surge to a new all-time high of $74,760 if it manages to eventually surpass the key resistance level at $71,580.

Satoshi Flipper, another popular cryptocurrency trader, believes that the flagship cryptocurrency could be on track to reach $80,000. As of now, Bitcoin is in the middle of a “classic retest” of the bullish flag pattern.

The current state of the market

CoinGlass data shows that the cryptocurrency market has experienced a total of $115 million worth of liquidations over the past 24 hours, with long positions accounting for the vast majority of the sum ($77 million).

The market capitalization of all cryptocurrencies currently stands at $2.77 trillion, down 0.43%. Bitcoin accounts for the vast majority of the sum.

The performance of the top 10 cryptocurrencies has been mostly underwhelming. BNB, however, managed to buck the bearish trend with a 4.7% uptick. XRP and Cardano have also seen minor gains (1.2% and 0.5%, respectively).