Bitcoin traded near $70,000 over the weekend as on-chain activity flashed a potential bullish signal. A key flow metric tracked by analyst Ali Martinez has turned higher, suggesting the market may be transitioning out of a downtrend, though timing remains uncertain.
Bitcoin Holds $70K Amid Choppy Trade
BTC hovered around the $70,000 level through the weekend, a price area that has acted as a psychological marker in recent sessions. As of press time, Bitcoin was changing hands near $70,360, up roughly 0.3% over the past 24 hours.
On-Chain Signal: Inter-Exchange Flow Pulse Turns Up
Martinez said on Saturday, March 21, that the Inter-Exchange Flow Pulse (IFP)—an on-chain indicator derived from Bitcoin flows between spot and derivatives exchanges—has crossed back above its 90‑day moving average. Historically, that crossover has aligned with rising risk appetite and the early phases of bullish market regimes.
The IFP generally increases when larger amounts of BTC move to derivatives platforms, a shift often associated with renewed speculative activity. According to Martinez, the recent upside crossover constitutes a “major buy signal,” indicating that “big money is getting ready for a rally.”
Context and Caveats
Martinez noted that the IFP trended below its 90‑day average early last year, a setup that has historically coincided with prolonged drawdowns. After recording a new all‑time high above $126,000 earlier in the cycle, Bitcoin later declined by nearly 45% from that peak.
While the recent IFP crossover has previously preceded recoveries, on-chain signals can lead price action. Any bullish impact may take time to appear, and market participants should be mindful of potential delays between indicator shifts and spot price trends.