Bitcoin Puell Multiple At 2023 High: Why This Signals A Top
On-chain data shows the Bitcoin Puell Multiple is close to setting new highs for 2023, a sign that a top may be becoming more likely for BTC....
- The Bitcoin Puell Multiple, which measures the ratio between daily Bitcoin miner revenue and the 365-day moving average, is currently at its second highest level for the year.
- When the Puell Multiple is above 1, it indicates that miners are earning more than the average for the past year, suggesting the asset may be overpriced.
- The recent surge in the Puell Multiple is a result of Bitcoin's rally, with miners enjoying higher revenues than in the past year.
- Historically, when the 7-day MA Puell Multiple reaches similar levels, it has been a bearish signal for Bitcoin, but major tops have occurred at much higher levels of the indicator.
The sentiment of the article is mostly neutral, with a focus on analyzing the Puell Multiple and its potential implications for Bitcoin's price.