A classic Bitcoin (BTC) on-chain indicator has seen a “hell of a bounce” even as price action stays uncertain.
In a tweet on July 9, Philip Swift, creator of analytics resource Look Into Bitcoin, highlighted a dramatic change of course for the Puell Multiple.
Advancing Puell and hash rate “a good sign”
A deceptively simple metric, Puell tracks miner behavior with a view to understanding Bitcoin market extremes.
It has served extremely well as an indicator of when BTC price tops and bottoms are likely due, and in late June dipped into its green “buy” zone for only the fifth time in history.
Thanks in part to last weekend’s record difficulty readjustment, Swift says, Puell has now reversed upwards — and if it keeps going, higher prices should logically follow.
“Hell of a bounce out of the green zone this week for the Puell Multiple,” he summarized.
“Largely down to the difficulty adjustment and increase in hashrate. Will be a good sign if we