Bitcoin IFP Data Signals Potential Price Rise
Bitcoin price has posted nominal gains over the past 24 hours as on-chain metrics emerge. The asset’s Inter-Exchange flow Pulse (IFP) data may identify a price rally for the asset. This comes as investors pressure Bitcoin to reclaim $65,000 after days of outflows, with the market leader hitting monthly lows.
On-Chain Data Suggests Rally
A new report from a digital asset analysis firm CryptoQuant It shows that Bitcoin’s IFP is below the 90-day moving average, setting the tone for the breakout if it breaks above the average. The metric measures BTC flows to derivative exchanges in order to predict market trends. In summary, Bitcoin flowing into derivative exchanges is a sign of an upward price swing, while an outflow indicates a bearish outlook.
This occurred in 2016 and 2024 as bulls fueled future gains. In 2016, Bitcoin IFP was below the 90-day moving average for 55 days before a change that led to a bull run. A similar situation occurred between December 2023 and February 2024, when the IFP was below the moving average. Price bitcoin After falling from $46,000 to $39,000, it rose to an all-time high of $73,000.
Currently, IFP is below BTC’s 90-day average and bulls are expecting a breakout if positions change.
Bitcoin Will Promote Broader Growth
Bitcoin’s performance often leads to a broader market rally. The positive momentum in the asset over the last 24 hours has also led to slight increases in other crypto assets. Last week, Bitcoin fell below $65,000, prompting outflows in altcoins and meme coins. A rise in BTC prices could lead to further gains and improved market sentiment. Bitcoin ETFs As inflows into these funds continue, crypto may boost its performance.
So read: DOGE, SHIB and bonk Lead the Memecoin Recovery, Is the Worst Over Now?
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David is a financial news writer with 4 years of experience in Blockchain Technology and Cryptocurrencies. He is interested in learning about emerging technologies and has a talent for keeping up with breaking news. Staying on top of trends, David is knowledgeable about regulations, partnerships, crypto assets, stocks, NFTs, etc. He reported in various fields such as. Away from the financial markets, David cycles and rides horses.
The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. Neither the author nor the publication accepts any liability for your personal financial loss.
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