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 | On-Chain Data: Bitcoin Whales With 10k+ BTC Have Been Growing On the other hand, decreasing values of the metric can suggest the price is becoming more undervalued as miner revenues are moving down. Now, here is a chart that shows the trend in the Bitcoin puell multiple over the last several years: The value of the metric seems to have observed some rise recently | Source: CryptoQuant As you can see in the above graph, the Bitcoin puell multiple was in the “buy” zone until just a little while ago. Historically, this zone with indicator values less than 0.5 has been a sign tha...
