On-chain data shows the Bitcoin Puell Multiple is currently retesting the downtrend line, will the metric be able to break above it this time? Bitcoin Puell Multiple Has Gone Up A Bit During Recent Days As pointed out by an analyst in a CryptoQuant post, a trend reversal could be nearing in the BTC market. The “Puell Multiple” is an indicator that measures the ratio between the current daily Bitcoin mining revenues (in USD) and the 365-day moving average of the same. What this metric tells us is how much the BTC miners are making right now compared to the average during the last year. When the value of the multiple is greater than 1, it means miners are raking in more profits compared to the mean for the past 365 days. On the other hand, values below the threshold suggest miners are under pressure right now as their income is lesser than the last year average. Related Reading: Bitcoin Rally Fails To Budge 30-Day Volatility As It Stays At 2-Year Lows Historically, the crypto has tended to form cyclical bottoms whenever the indicator has declined below the 0.5 mark. Now, here is a chart that shows the trend in the Bitcoin Puell Multiple over the last few years: The value of the metric seems to have been slightly going up recently | Source: CryptoQuant As you can see in the above graph, the Bitcoin Puell multiple sunk down a few months back, and entered into the historical buy zone. Since then, the indicator has ...
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