On-chain data shows the Bitcoin puell multiple has started to leave the “buy” zone, a sign that the crypto may be heading towards bullish momentum.
Bitcoin Puell Multiple Has Gone Up In Value During Recent Days
As pointed out by an analyst in a CryptoQuant post, the BTC puell multiple is currently breaking out of the historic buy zone.
The “puell multiple” is an indicator that measures the ratio between the daily miner revenues (in USD) and the 365-day moving average of the same.
What this metric’s value tells is how much Bitcoin miners are currently making compared to the average for the past year.
When the value of the indicator rises, it means miner revenues are going up right now. This leads to miners becoming more likely to sell and the price may be called “overvalued.”
Related Reading Source: BTCUSD on TradingView
After holding above $22k for about a week, Bitcoin seems to have dipped below the level over the past 24 hours.
Featured image from Kanchanara on Unsplash.com, charts from TradingView.com, CryptoQuant.com
Tags: bitcoinBitcoin Bullish SignalBitcoin Puell Multiplebtcbtcusd
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