![Bitcoin Breaks 0.618 Retracement for First Time Before Halving, Analyst Says BTC Is Ready for a New Bull Cycle](https://captainaltcoin.com/wp-content/uploads/2023/12/WOO-CHART-1.png)
After surging briefly following the approval of Bitcoin futures ETFs in the U.S. on Wednesday, Bitcoin’s price momentum has slowed. As of Friday morning, Bitcoin is trading at around $46,100, down nearly 2% in the last 24 hours.
According to crypto analyst Ali, this shift in momentum may signal a broader cooldown for the crypto market. “Could we be seeing a market top for Bitcoin?” Ali asked on X (Twitter). “The Inter-exchange Flow Pulse (IFP), which tracks BTC flows between various trading platforms, has just fallen below its 90-day average. Historically, this shift often signals a bearish turn in the crypto market!”
The Inter-exchange Flow Pulse is a metric that tracks the flow of Bitcoin being transferred across major cryptocurrency exchanges. It gives insight into broader market sentiment and trading activity across platforms. A drop below the historical average suggests trading activity and market sentiment may be turning more negative.
![](https://captainaltcoin.com/wp-content/uploads/2024/01/image-338-1024x645.png)
If the IFP decline persists along with further Bitcoin price drops, it could confirm the analysis that the recent market peak represents a temporary top. However additional factors would need to be weighed, but declining exchange flows adds evidence to the case for a more cautious crypto investing environment in the near-term.
From a technical analysis perspective, Bitcoin is facing major resistance around $49,300, which aligns with the 0.785 Fibonacci extension level. If buyers can push the price through this barrier, it could set up a run toward the next upside target around $53,276, corresponding to the 1.618 Fib level.
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Show more +On the downside, Bitcoin has established strong technical support in recent weeks around $41,000. This area has held consistently since early December, keeping the crypto markets stabilized.
A decisive break below the $41k floor would likely confirm a more definitive bearish shift in market structure and sentiment. For now Bitcoin appears rangebound between its upper resistance and lower support – the direction of the next major move may depend on whether bulls or bears can overwhelm key levels.
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