Bitcoin on the Edge of Breakthrough? Largest USDC Inflow Ever

-->CryptoQuant analyst Maartunn recently noticed an important development in the crypto market. He saw the largest inflows of the usdc stablecoin in history. No less than 1.4 billion dollars in USD has been deposited on the Coinbase platform. This is reminiscent of a similar large usdc inflow that occurred in early 2023, when the price of bitcoin was close to the lowest point of the previous down cycle. But what exactly does this mean for crypto? Martin thinks in any case, such a large deposit can indicate strong buying pressure in the market!

Bitcoin below key price level

Currently, Bitcoin is trading below the crucial $70,000 level, after falling nearly 2% in the past 24 hours. Crypto trader Ali has noticed that bitcoin has formed a head and shoulders on his 30-minute chart. According to Ali’s analysis, if Bitcoin can break the key resistance level at $71,580, it could potentially rise to a new all-time high of $74,760.

Another well-known crypto trader, Satoshi Flipper, believes that bitcoin is on its way to reaching $80,000. He notes that bitcoin is currently in the midst of a “classic retest” of the bullish flag pattern.

https://twitter.com/cryptoquant_com/status/1773680522520142154

The current state of the crypto market

According to CoinGlass data, $115 million worth of liquidations occurred in the crypto market in the last 24 hours, with long positions accounting for the majority of this amount ($77 million).

The market cap of all cryptocurrencies currently stands at $2.77 trillion, which is a slight decline of 0.43%. Among the top 10 cryptocurrencies, performance has been largely disappointing, with the exception of a price increase in bnb, which saw a 4.7% increase. XRP and cardano have also posted small gains of 1.2% and 0.5% respectively.

But the inflow to usdc may indicate that large increases will soon be seen again, provided this stablecoin is actually used for crypto purchases.