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. 

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.  

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 option expiry, Bitcoin’s price soared by more than 10%. Whereas, in the last 30 days, it experienced a 12% upside momentum. 

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. 

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.