Bitcoin price has notched nominal gains in the past 24 hours as on-chain metrics emerge. The asset’s Inter-Exchange Flow Pulse (IFP) data could determine a price rally for the asset. This comes as holders push for Bitcoin to reclaim $65,000 after days of outflows as the market leader touched monthly lows.
On-chain Data Suggest Rally
A new report from digital asset analysis firm CryptoQuant shows that Bitcoin’s IFP is below the 90-day moving average setting the tone for break out if it moves higher than the average. The metric measures BTC flows to derivative exchanges in a bid to project market trends. In a nutshell, Bitcoin flowing to derivative exchanges is a sign of an upward price swing while outflow signifies a bearish outlook.
“The strategy suggests investing in Bitcoin when the IFP enters an upward trend. As seen in the graph, changes in the trend of Bitcoin flows (defined by the IFP crossing its 90-day moving average) signal bull and bear markets .”
This situation occ
We współpracy z: https://coingape.com/bitcoin-ifp-data-signals-potential-price-rally/
