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Bitcoin Puell Multiple indicator shows miners under pressure; analysts say $59k may be the bottom of this cycle.
BlockBeats News, June 21 — Crypto analyst Lark Davis said that the current reading of the Bitcoin Puell Multiple indicator shows the market is approaching or is already in the bottom range of this cycle. This indicator measures miner profitability by tracking the ratio between miners’ daily revenue and the 365-day average. Historically, when miners’ income stays persistently weak and miners are forced to sell BTC to cover operating costs, it has often corresponded to cycle lows.
Davis said that although the indicator has not yet reached the green oversold range, signs of pressure on miners have already appeared, which in history has often marked the start of the end of a bear market. He also noted that the price signals in this cycle are generally milder than historical patterns.
Davis believes whether $59,000 can hold as the low point of this cycle will be determined in the coming months, but for now the signs are becoming clearer.