On-chain data shows the Bitcoin Puell Multiple has recently touched levels that historically lead to local tops for the cryptocurrency’s price.
Bitcoin Puell Multiple Has Recently Made A Retest Of Historical Resistance
As an analyst in a CryptoQuant Quicktake post explained, the Puell Multiple has held relevance for the asset’s price throughout the past. The “Puell Multiple” refers to an indicator that measures the ratio between the daily Bitcoin miner revenue (in USD) and its 365-day moving average (MA).
The “miner revenue” here only includes the block rewards these chain validators receive for solving blocks on the network. The transaction fees, the other component of the total income of the miners, aren’t taken into account by the indicator.
The block rewards directly correlate with the cryptocurrency’s price, as their BTC value naturally remains fixed (except for during halving events, where they are permanently cut in half). Still, the USD value fluctuates with the
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