On-chain data shows the Bitcoin Puell Multiple indicator is currently retesting a crucial level that may end up deciding the fate of the latest rally. Bitcoin Puell Multiple Is Now Retesting Its 365-Day Moving Average As explained by an analyst in a CryptoQuant Quicktake post, the interaction of the Puell Multiple with its 365-day moving average (MA) can indicate trends in the market. The “Puell Multiple” refers to an indicator that keeps track of the ratio between the daily revenue of the Bitcoin miners (in USD) and the 365-day MA of the same. The mining revenue here is simply the total amount of coins issued by the network inside a 24-hour span multiplied by the spot price of the coin. Related Reading: Cardano To $7? Analyst Predicts When ADA Will Resume Uptrend When the value of the Puell Multiple is greater than 1, it means that the miners are currently making a higher income than the average value for the past year. Naturally, when this happens, the motive to sell would rise for these chain validators and thus ..
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