Bitcoin’s market price has experienced renewed downward pressure, falling to just under $106,000 in the last 24 hours. This marks a 1.8% dip over the past day and places the asset approximately 6% below its all-time high of over $111,000 reached last month. While the correction is not severe compared to historical volatility, it highlights ongoing uncertainty in the market as BTC consolidates near record highs without sustained upward momentum. One metric drawing attention amid this price movement is the Puell Multiple, a tool used to evaluate whether Bitcoin is overvalued or undervalued relative to miner income. Related Reading: Bitcoin’s Most Reliable Signal Just Flashed—Next Stop: $170,000 Bitcoin Puell Multiple Suggests Miner Revenues Have Yet to Catch Up CryptoQuant analyst Gaah highlighted that while prices recently surged above $108,000, the Puell Multiple remains below 1.40, a level typically associated with discounted or non-euphoric market phases. This decoupling between BTC price and miner revenue offers insight into how recent gains may be more demand-driven than organically supported by on-chain mining fundamentals. The Puell Multiple measures the daily issuance of BTC in USD te ..
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