BTC, which rose above $48,000 after the Spot Bitcoin ETF approval and opening for trading, encountered a selling pressure here and fell to $45,000.
While investors expect further rises in BTC after the ETF approval, popular cryptocurrency analyst Ali Martinez said that Bitcoin is in a downward trend.
At this point, the analyst examining Bitcoin's Inter-Exchange Flow Pulse (IFP) Indicator pointed out that this indicator fell below its 90-day average.
Stating that this decline historically indicates a downward trend in the Bitcoin and crypto market, Martinez warned investors.
“Could we see a top for Bitcoin?
The Inter-Exchange Flow Pulse (IFP), which tracks BTC flows between various trading platforms, has fallen below the 90-day average.
Historically, this decline generally indicates a bearish trend in the Bitcoin and crypto market!”
Even though this indicator gives a decline signal, do not make your investment decisions based on a single data or signal. These indicators and data are helpful data that have a margin of error and have never been proven to be 100% accurate.
Make your investment decisions based on your own research.
Bitcoin continues to trade at $46,077 at the time of writing.
*This is not investment advice.