{"id":570709,"date":"2024-01-22T17:30:58","date_gmt":"2024-01-22T17:30:58","guid":{"rendered":"https:\/\/wncen.com\/?p=570709"},"modified":"2024-06-11T08:13:29","modified_gmt":"2024-06-11T08:13:29","slug":"bitcoin-puell-multiple-crucial-retest-save-rally","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-puell-multiple-crucial-retest-save-rally\/","title":{"rendered":"Bitcoin Puell Multiple At Crucial Juncture: Will Retest Save Rally?"},"content":{"rendered":"

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.<\/p>\n

Bitcoin Puell Multiple Is Now Retesting Its 365-Day Moving Average<\/h2>\n

As explained by an analyst in a CryptoQuant Quicktake post<\/a>, the interaction of the Puell Multiple with its 365-day moving average (MA) can indicate trends in the market.<\/p>\n

The “Puell Multiple<\/a>” 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.<\/p>\n

Related Reading: Cardano To $7? Analyst Predicts When ADA Will Resume Uptrend<\/a><\/div>\n

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, the BTC price may be considered overvalued.<\/p>\n

On the other hand, values under the mark suggest the cryptocurrency’s price may be becoming undervalued as the miners are now making lower revenues than the 365-day average.<\/p>\n

Now, here is a chart that shows the trend in the Bitcoin Puell Multiple, as well as its 365-day MA, over the history of the asset:<\/p>\n

\"Bitcoin<\/p>\n

The two lines appear to have come together in recent days | Source: CryptoQuant<\/a><\/pre>\n
As displayed in the above graph, the Bitcoin Puell Multiple had naturally spiked to high levels just earlier when the asset’s price had observed its rally<\/a>, which had naturally resulted in the block rewards<\/a> of the miners also shooting up.<\/p>\n
As the price of the asset has struggled recently, though, the indicator’s value has come back down and is now retesting its 365-day MA. This line has been relevant historically for the metric, as the quant highlighted in the chart.<\/p>\n
Generally, a break above the line has proven to be bullish for the cryptocurrency, while a move under can imply a transition towards a bearish trend. As such, Bitcoin might be standing at a crucial juncture right now, at least from the perspective of this indicator.<\/p>\n
Last year, the Puell Multiple also witnessed a similar retest at its 365-day MA, as is apparent in the graph. Back then, the metric had ended up finding support at this important line, and the resulting bounce was what led towards the latest rally in the asset.<\/p>\n
Related Reading: Bitcoin NVT Golden Cross Shoots Bullish Signal, Rally To Restart?<\/a><\/div>\n
It now remains to be seen whether the 365-day MA would act as support this time as well or if the indicator would go through a breakdown. In the latter scenario, the Bitcoin price could end up observing a deeper correction.<\/p>\n
BTC Price<\/h2>\n
Bitcoin’s struggle has continued recently as its price has come down to just $40,800.<\/p>\n
\"Bitcoin<\/p>\n
Looks like the price of the coin has slipped down recently | Source: BTCUSD on TradingView<\/a><\/pre>\n
Featured image from iStock.com, charts from TradingView.com, CryptoQuant.com<\/div>\n","protected":false},"excerpt":{"rendered":"
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, the BTC price may be considered overvalued. On the other hand, values under the mark suggest the cryptocurrency’s price may be becoming undervalued as the miners are now making lower revenues than the 365-day average. Now, here is a chart that shows the trend in the Bitcoin Puell Multiple, as well as its 365-day MA, over the history of the asset: The two lines appear to have come together in recent days | Source: CryptoQuant As displayed in the above graph, the Bitcoin Puell Multiple had naturally spiked to high levels just earlier when the asset’s price had observed its rally, which had naturally resulted in the block rewards of the miners also shooting up. As the price of the asset has struggled recently, though, the indicator’s value has come back down and is now retesting its 365-day MA. This line has been relevant historically for the metric, as the quant highlighted in the chart. Generally, a break above the line has proven to be bullish for the cryptocurrency, while a move under can imply a transition towards a bearish trend. As such, Bitcoin might be standing at a crucial juncture right now, at least from the perspective of this indicator. Last year, the Puell Multiple also witnessed a similar retest at its 365-day MA, as is apparent in the graph. Back then, the metric had ended up finding support at this important line, and the resulting bounce was what led towards the latest rally in the asset. Related Reading: Bitcoin NVT Golden Cross Shoots Bullish Signal, Rally To Restart? It now remains to be seen whether the 365-day MA would act as support this time as well or if the indicator would go through a breakdown. In the latter scenario, the Bitcoin price could end up observing a deeper correction. BTC Price Bitcoin’s struggle has continued recently as its price has come down to just $40,800. Looks like the price of the coin has slipped down recently | Source: BTCUSD on TradingView Featured image from iStock.com, charts from TradingView.com, CryptoQuant.com<\/p>\n","protected":false},"author":542,"featured_media":570757,"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":[428,86446,6481,86576,1119,1144],"class_list":["post-570709","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-puell-multiple","tag-bitcoin-rally","tag-bitcoin-retest","tag-btc","tag-btcusd"],"acf":[],"yoast_head":"\nBitcoin Puell Multiple At Crucial Juncture: Will Retest Save Rally?<\/title>\n<meta name=\"description\" content=\"Data shows the Bitcoin Puell Multiple indicator is currently retesting a crucial level that may end up deciding the fate of the latest 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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 At Crucial Juncture: Will Retest Save Rally?","url":"http:\/\/wncen.com\/news\/bitcoin-puell-multiple-crucial-retest-save-rally\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/bitcoin-puell-multiple-crucial-retest-save-rally\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/01\/iStock-1304093999.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/01\/iStock-1304093999.jpg?fit=2148%2C1395"},"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 puell multiple","bitcoin rally","bitcoin retest","btc","btcusd"],"dateCreated":"2024-01-22T17:30:58Z","datePublished":"2024-01-22T17:30:58Z","dateModified":"2024-06-11T08:13:29Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Puell Multiple At Crucial Juncture: Will Retest Save Rally?\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-puell-multiple-crucial-retest-save-rally\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-puell-multiple-crucial-retest-save-rally\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2024\\\/01\\\/iStock-1304093999.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2024\\\/01\\\/iStock-1304093999.jpg?fit=2148%2C1395\"},\"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 puell multiple\",\"bitcoin rally\",\"bitcoin retest\",\"btc\",\"btcusd\"],\"dateCreated\":\"2024-01-22T17:30:58Z\",\"datePublished\":\"2024-01-22T17:30:58Z\",\"dateModified\":\"2024-06-11T08:13:29Z\"}<\/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\/2024\/01\/iStock-1304093999.jpg?fit=2148%2C1395","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/570709"}],"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=570709"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/570709\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/570757"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=570709"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=570709"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=570709"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}