{"id":520230,"date":"2023-02-20T11:30:25","date_gmt":"2023-02-20T11:30:25","guid":{"rendered":"https:\/\/wncen.com\/?p=520230"},"modified":"2024-06-11T07:10:27","modified_gmt":"2024-06-11T07:10:27","slug":"bitcoin-puell-multiple-hits-14-month-high-means","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-puell-multiple-hits-14-month-high-means\/","title":{"rendered":"Bitcoin Puell Multiple Hits 14-Month High, Here’s What It Means"},"content":{"rendered":"

On-chain data shows the 7-day moving average (MA) Bitcoin Puell Multiple has hit a 14-month high recently. Here’s what it may mean for the market.<\/p>\n

Bitcoin 7-Day MA Puell Multiple Has Risen Above 1 Recently<\/h2>\n

As pointed out by an analyst in a CryptoQuant post<\/a>, the BTC price was around $48,000 the last time the metric was at its current level. The “Puell Multiple<\/a>” is an indicator that measures the ratio between the daily revenue of the Bitcoin miners and the 365-day MA of the same (both in USD).<\/p>\n

When the value of this metric is greater than 1, it means the miners<\/a> are making more right now than the average for the past year. If the indicator hits very high values above this mark, then miners become likely to sell as they are likely raking in a significant amount of profits.<\/p>\n

On the other hand, the multiple being below the threshold implies the mining revenues are less than the norm at the moment. Low enough values under this mark have historically been a sign that the cryptocurrency is undervalued.<\/p>\n

Now, here is a chart that shows the trend in the 7-day MA Bitcoin Puell Multiple over the last couple of years:<\/p>\n

\"Bitcoin<\/p>\n

Looks like the 7-day MA value of the metric has shown some rise in recent days | Source: CryptoQuant<\/a><\/pre>\n
As displayed in the above graph, the 7-day MA Bitcoin Puell Multiple had been below the 1 mark during the past year or so as the bear market<\/a> had gripped the asset. With the latest rally in the coin’s price, however, the indicator seems to have seen some rapid rise, and it has now broken out of the zone again.<\/p>\n
Related Reading: Brazilian Government To Clarify Bitcoin Law With New Decree<\/a><\/div>\n
This is the first time in about 14 months that the metric has crossed above the 1 level. To see what effect this might have on the current market, here is a chart that highlights how the indicator behaved during the past cycles:<\/p>\n
\"Bitcoin<\/p>\n
The trend in the indicator over the history of BTC | Source: CryptoQuant<\/a><\/pre>\n
In the graph, the quant has marked the different levels that have been relevant for the 7-day MA Bitcoin Puell Multiple during the previous cycles. It looks like sustainable rallies have usually taken place whenever the metric has made a successful break above the 1 mark.<\/p>\n
When the indicator is below 1, some miners may have trouble running their operations as the lower revenues may not pay costs like electricity bills. Thus, during times like this, some miners may be forced to sell their reserves to keep their facilities going.<\/p>\n
Related Reading: Bitcoin Price At Risk of Downside Thrust Before A Fresh Increase<\/a><\/div>\n
However, the analyst explains that when the indicator shows a rising trend breaking through 1, miners start getting more comfortable with keeping their bills paid and therefore, the selling pressure goes down from this cohort.<\/p>\n
If the same pattern follows this time as well, then the current break of the Bitcoin Puell Multiple in the region above this level could be good news for the viability of the current rally.<\/p>\n
BTC Price<\/h2>\n
At the time of writing, Bitcoin is trading around $24,500, up 13% in the last week.<\/p>\n
\"Bitcoin<\/p>\n
Looks like BTC has moved sideways since the rise | Source: BTCUSD on TradingView<\/a><\/pre>\n
Featured image from Michael F\u00f6rtsch on Unsplash.com, charts from TradingView.com, CryptoQuant.com<\/div>\n","protected":false},"excerpt":{"rendered":"
On-chain data shows the 7-day moving average (MA) Bitcoin Puell Multiple has hit a 14-month high recently. Here’s what it may mean for the market. Bitcoin 7-Day MA Puell Multiple Has Risen Above 1 Recently As pointed out by an analyst in a CryptoQuant post, the BTC price was around $48,000 the last time the metric was at its current level. The “Puell Multiple” is an indicator that measures the ratio between the daily revenue of the Bitcoin miners and the 365-day MA of the same (both in USD). When the value of this metric is greater than 1, it means the miners are making more right now than the average for the past year. If the indicator hits very high values above this mark, then miners become likely to sell as they are likely raking in a significant amount of profits. On the other hand, the multiple being below the threshold implies the mining revenues are less than the norm at the moment. Low enough values under this mark have historically been a sign that the cryptocurrency is undervalued. Now, here is a chart that shows the trend in the 7-day MA Bitcoin Puell Multiple over the last couple of years: Looks like the 7-day MA value of the metric has shown some rise in recent days | Source: CryptoQuant As displayed in the above graph, the 7-day MA Bitcoin Puell Multiple had been below the 1 mark during the past year or so as the bear market had gripped the asset. With the latest rally in the coin’s price, however, the indicator seems to have seen some rapid rise, and it has now broken out of the zone again. Related Reading: Brazilian Government To Clarify Bitcoin Law With New Decree This is the first time in about 14 months that the metric has crossed above the 1 level. To see what effect this might have on the current market, here is a chart that highlights how the indicator behaved during the past cycles: The trend in the indicator over the history of BTC | Source: CryptoQuant In the graph, the quant has marked the different levels that have been relevant for the 7-day MA Bitcoin Puell Multiple during the previous cycles. It looks like sustainable rallies have usually taken place whenever the metric has made a successful break above the 1 mark. When the indicator is below 1, some miners may have trouble running their operations as the lower revenues may not pay costs like electricity bills. Thus, during times like this, some miners may be forced to sell their reserves to keep their facilities going. Related Reading: Bitcoin Price At Risk of Downside Thrust Before A Fresh Increase However, the analyst explains that when the indicator shows a rising trend breaking through 1, miners start getting more comfortable with keeping their bills paid and therefore, the selling pressure goes down from this cohort. If the same pattern follows this time as well, then the current break of the Bitcoin Puell Multiple in the region above this level could be good news for the viability of the current rally. BTC Price At the time of writing, Bitcoin is trading around $24,500, up 13% in the last week. Looks like BTC has moved sideways since the rise | Source: BTCUSD on TradingView Featured image from Michael F\u00f6rtsch on Unsplash.com, charts from TradingView.com, CryptoQuant.com<\/p>\n","protected":false},"author":542,"featured_media":520237,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,639,640,86446,1119,1144],"class_list":["post-520230","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-miners","tag-bitcoin-mining","tag-bitcoin-puell-multiple","tag-btc","tag-btcusd"],"acf":[],"yoast_head":"\nBitcoin Puell Multiple Hits 14-Month High, Here's What It Means<\/title>\n<meta name=\"description\" content=\"On-chain data shows the 7-day moving average (MA) Bitcoin Puell Multiple has hit a 14-month high recently. 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Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to. In terms of official educational qualifications, Keshav holds a bachelor\u2019s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions. Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true. Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn\u2019t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment.. Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form. Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new. As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money. Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn\u2019t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs. Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. On top of that, he also has a more traditional strength based program for the gym, which he does to maintain an overall fitness level of his body.","sameAs":["https:\/\/www.linkedin.com\/in\/keshavverma29\/","https:\/\/x.com\/https:\/\/twitter.com\/keshavvarma29"],"url":"https:\/\/wncen.com\/author\/hououinkyouma29\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin Puell Multiple Hits 14-Month High, Here’s What It Means","url":"http:\/\/wncen.com\/news\/bitcoin-puell-multiple-hits-14-month-high-means\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/bitcoin-puell-multiple-hits-14-month-high-means\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/02\/michael-fortsch-AA5sf7WTv10-unsplash-1-scaled.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/02\/michael-fortsch-AA5sf7WTv10-unsplash-1-scaled.jpg?fit=2560%2C1707"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Keshav Verma"}],"creator":["Keshav Verma"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin miners","bitcoin mining","bitcoin puell multiple","btc","btcusd"],"dateCreated":"2023-02-20T11:30:25Z","datePublished":"2023-02-20T11:30:25Z","dateModified":"2024-06-11T07:10:27Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Puell Multiple Hits 14-Month High, Here’s What It Means\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-puell-multiple-hits-14-month-high-means\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-puell-multiple-hits-14-month-high-means\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/02\\\/michael-fortsch-AA5sf7WTv10-unsplash-1-scaled.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/02\\\/michael-fortsch-AA5sf7WTv10-unsplash-1-scaled.jpg?fit=2560%2C1707\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Keshav Verma\"}],\"creator\":[\"Keshav Verma\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin miners\",\"bitcoin mining\",\"bitcoin puell multiple\",\"btc\",\"btcusd\"],\"dateCreated\":\"2023-02-20T11:30:25Z\",\"datePublished\":\"2023-02-20T11:30:25Z\",\"dateModified\":\"2024-06-11T07:10:27Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/02\/michael-fortsch-AA5sf7WTv10-unsplash-1-scaled.jpg?fit=2560%2C1707","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/520230"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/542"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=520230"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/520230\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/520237"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=520230"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=520230"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=520230"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}