Bitcoin (BTC) Breaks $60,000 Mark, CryptoQuant Data Signals Bull Run May Be Far From Over

Bitcoin has just broken past the critical $60,000 mark, relieving investors and analysts concerned that losing this level might signal the end of the bull run.

Bitcoin’s recent drop to $53,000 alarmed investors, sparking fears that the bull market might be ending. However, fresh data from CryptoQuant suggests that the bull run may still have a long way to go.

Bitcoin price movements have been closely followed throughout 2022, and its recent dip below the critical $60,000 level raised concerns among investors and analysts. Some speculated that losing this level could signal the end of the bull market, while others remained optimistic, anticipating a bullish continuation.

Now, as Bitcoin attempts to regain $60,000, new data from CryptoQuant might shed light on the market’s future direction. The data analysis platform recently shared charts on X, highlighting a crucial aspect of Bitcoin flows that suggests we may be entering a new bullish phase.

Their charts focus on the Bitcoin Inter-exchange Flow Pulse (IFP), a key metric that measures Bitcoin flows between spot and derivative exchanges. This metric is essential for understanding market trends and investor sentiment.

A rising IFP typically signals a bullish phase, as it indicates that more Bitcoin is being moved into derivative exchanges, suggesting that traders are preparing for higher prices. Conversely, a falling IFP is often seen as a bearish signal, as it shows Bitcoin moving out of derivative exchanges, reflecting a more cautious or pessimistic market sentiment.

Their analysis reveals that the IFP is rising once again, indicating that more Bitcoin is flowing into derivative exchanges. This trend is generally considered a sign of a bullish phase, as traders usually shift funds into derivatives when they anticipate rising prices. The rising IFP suggests that investors are starting to take risks, mirroring behaviors seen in past bull markets.

Bitcoin Price Analysis: Bulls Aiming For $62,729 As BTC Recovers From $53K Dip

Bitcoin price is currently trading at $60,495, a critical juncture that could determine its near-term trajectory. Having bounced off the daily 100-moving average at $59,163, Bitcoin must maintain this level and break past the next local resistance at $62,729 to sustain upward momentum.

This price is particularly crucial because it aligns with the daily 200-moving average, a widely watched indicator of market strength currently at $62,842. A close above this moving average would signal renewed bullish momentum and likely pave the way for further gains.

However, losing the $60,000 level would be a cause for concern. This psychological threshold has significant importance, and a dip below it could dampen market sentiment, potentially leading to increased selling pressure.

Bitcoin price movements have been volatile throughout 2022, and this recent drop has been no exception. As Bitcoin attempts to regain $60,000, traders and investors alike will be keeping a close eye on the IFP and other key metrics to gauge the market’s pulse and anticipate future price movements.

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