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. ,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.,This situation occurred in 2016 and 2024 as bulls ignite on future gains. In 2016, Bitcoin IFP was under the 90-day moving average for 55 days before a change which led to a bull run. A similar situation occurred between December 2023 and February 2024 when the IFP was below the moving average. The price of Bitcoin slumped from $46k to $39k before soaring to an all-time high above $73k.,At the moment the IFP is below the BTC 90-day average with bulls expecting a breakout should positions flip.,The performance of Bitcoin often leads to a wider market rally. In the last 24 hours, positive momentum in the asset has led to slight gains in other crypto assets. Last week, Bitcoin slipped below $65k spurring outflows in altcoins and meme coins. A jump in BTC prices can lead to more gains and improved market sentiments. Bitcoin ETFs can boost crypto performance as inflows continue into these funds. ,Also Read: DOGE, SHIB, and BONK Leads Memecoin Recovery, Is The Worst Over Now?,
https://coinniu.com/bitcoin-ifp-data-signals-potential-price-rally/
