Disclaimer: The opinions expressed by our editors are their own and do not represent those of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not responsible for any financial losses incurred while trading cryptocurrencies. Do your own research by contacting financial experts before making any investment decisions. We believe all content to be accurate as of the date of publication, but some offers mentioned may no longer be available.
CryptoQuant analyst Maartunn took note of the largest influx of USDC stablecoin in history.
Earlier today, a staggering $1.4 billion in USDC was deposited on the Coinbase exchange.
According to Maartunn, this could be a sign of strong buying pressure. Notably, a massive influx of USDC also occurred in early 2023, when the price of Bitcoin was nearing the bottom of the previous bear cycle.
At the time of going to press, Bitcoin is trading below the decisive $70,000 level after falling almost 2% in the past 24 hours.
More bullish predictions
According to cryptocurrency trader Ali, the largest cryptocurrency has managed to form a head and shoulders model on its 30-minute chart. As the chartist predicts, the price of the flagship cryptocurrency could potentially reach a new all-time high of $74,760 if it manages to surpass the key resistance level at $71,580.
Satoshi Flipper, another popular cryptocurrency trader, believes that the flagship cryptocurrency could be on its way to reaching $80,000. For now, Bitcoin is in the midst of a “classic retest” of the bull flag pattern.
The current state of the market
Data from CoinGlass shows that the cryptocurrency market saw 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 represents the vast majority of the sum.
The performance of the top 10 cryptocurrencies was mostly disappointing. BNB, however, managed to reverse the downward trend with an increase of 4.7%. XRP and Cardano also saw minor gains (1.2% and 0.5%, respectively).