Bitcoin Puell Multiple At 2023 High: Why This Signals A Top


21 Nov 2023 4:00 PM

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.

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You May Ask

What is the Puell Multiple and how is it calculated?What does a Puell Multiple above 1 indicate?What has been the recent trend in the 7-day MA Puell Multiple?How does the current Puell Multiple compare to previous highs?What are the potential implications for Bitcoin's price based on the Puell Multiple analysis?

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