Bitcoin has been trading around $70,000 over the weekend, carving out a choppy range just above that psychological level. New on-chain data has produced a notable buy signal for BTC, fueling speculation that a fresh bull phase may be beginning.
The signal comes from the Inter-Exchange Flow Pulse (IFP), an on-chain metric that tracks net flows of Bitcoin between spot and derivatives exchanges. Analysts use the IFP to read market positioning: larger flows into derivative venues generally indicate greater risk appetite and potential bullish pressure, while flows back to spot exchanges can signal risk-off behavior.
A common way to interpret the IFP is by comparing it to its 90-day moving average. Historically, when the IFP falls below that average it has coincided with extended bearish stretches; when it rises above, it can mark the transition toward more bullish conditions. Market analyst Ali Martinez noted on X on March 21 that the IFP recently crossed back above its 90-day moving average — a development he described as a major buy signal and a sign that “big money is getting ready for a rally.”
Context matters: the IFP dipped below its 90-day average early last year, aligning with the bear phase that followed Bitcoin’s cycle peak above roughly $126,000. Since that high BTC has declined by about 45%. Because the IFP is a flows-based, leading indicator, price action can lag the on-chain signal, so traders should expect a potential delay between the metric’s move and sustained upward price momentum.
At the time of writing, BTC is trading near $70,360, up roughly 0.3% over the past 24 hours. Charts and on-chain visuals cited in recent commentary come from AliCharts on X and price charts on TradingView.
Bottom line: the IFP’s recent move above its 90-day average is a bullish development worth watching, but it’s not a guarantee of an immediate or sustained rally. Risk management and patience remain important, since on-chain signals can precede price confirmation.