Bitcoin stalls near $75K as stablecoin supply contracts
BTC struggles to bounce despite a stock rebound, while stablecoin supply has shrunk at its fastest pace since 2022.
What we know
An analyst notes BTC is attempting to reclaim $75K, with the 80Ks above and low 70Ks below. Traders point out BTC is failing at a weekly level and 200-day MA while stocks rebound. Glassnode data shows stablecoin supply fell $14.2B in 30 days, the fastest since June 2022. Prediction market traders forecast a drop to $69,000 this month, though a trader argues new highs are coming.
What people are posting
Posts on X this story draws on. They are individual users' views and have not been verified by Global Eye 24.
“Total supply fell $14.2B in 30 days”
View post →“If we can get back above 75k we're looking good”
View post →By the Global Eye 24 desk, with AI assistance. Updated as the story develops. Spot an error? Write to corrections@globaleye24.com.