USDC

Currently, the overall cryptocurrency market, including Bitcoin, Ethereum, Solana, and others, is struggling to gain momentum. An on-chain analytic firm, CryptoQuant, made a post on X (previously Twitter) stating that a massive amount of USDC had been deposited to Coinbase. According to the post on X, this massive $1.4 billion deposit on Coinbase highlights potential buying pressure and may be utilized to purchase Bitcoin.&nbsp; Massive USDC deposit on Coinbase 
However,CryptoQuant also cited that a similar massive deposit occurred once before, back on January 9, 2023. After that deposit, Bitcoin’s price massively soared from its lowest point in that cycle at $16,800, signaling the end of a downward trend. Currently, it is unclear who is behind this massive deposit.&nbsp; 
Following this massive deposit, there hasn’t been any significant movement observed in any cryptocurrencies. Currently, Bitcoin is trading near $70,100, and in the last 24 hours, it experienced a decent price drop of 0.65%. If we look at the performance of Bitcoin over a longer period, in the last 7 days despite a massive <a href="https://news.todayq.com/15-bln-bitcoin-ethereum-options-expiry-near-where-will-market-move-next/" rel="noopener noreferrer nofollow">option expiry</a>, Bitcoin’s price soared by more than 10%. Whereas, in the last 30 days, it experienced a 12% upside momentum.&nbsp; Bitcoin technical analysis and key levels 
Besides price performance and the notable USDC deposit on Coinbase, recently a trader and analyst made a post on X and cited that Bitcoin on a 30-minute chart is forming a bullish inverted head and shoulder pattern. Additionally, it is also trading above the 200 EMA (Exponential Moving Average). However, in a shorter timeframe, Bitcoin may face small resistance near $71,580, and if this breaks, then there is a possibility that the BTC price will increase by 4.44% to $74,760.&nbsp;
According to expert technical analysis, Bitcoin is bullish, as it is trading above the 200 EMA on a daily timeframe, and also it is trading above the major resistance level of $68,750. Whereas, a recent formation of a bullish inverted head and shoulder pattern in a 30-minute timeframe and a recent breakout of a bullish flag and pole structure also supports Bitcoin’s bullishness. Based on the breakout of the flag and pole structure, there is potential for Bitcoin to massively surge and reach the $77,000 level, creating a new all-time high.

$1.4 billion USDC deposit on Coinbase, Pump incoming?

Todayq News

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