Bitcoin’s Miner Revenue Tracking Indicator Surges to 2023 Highs
An analysis by CryptoQuant Quicktake revealed that the Puell Multiple, which monitors the Bitcoin (BTC) miner revenue’s ratio to the 365-day MA, is as of now at its Second highest level of the year. And once the value of this metric is greater than 1, miners are earning over the yearly average, suggesting a potentially overpriced asset. Conversely, a value below 1 indicates a less than average revenue for miners, implying an undervalued asset.
Bitcoin (BTC) Puell Multiple Trend
The 7-day MA Bitcoin (BTC) Puell Multiple has been on the rise, reflecting the recent rally pushing Bitcoin’s price over $37,000, leading to higher miner revenues. The indicator’s value is now approaching the 2023 high set back in July, which in the past has been a bearish signal for the coin. Nonetheless, previous major tops have took place at far greater levels of the Puell Multiple, suggesting there may still be more room for growth before reaching a probable top.
Bitcoin (BTC) Price
After briefly slipping below $37,000, Bitcoin’s price has recovered, once more reaching over that level recently.
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