Bitcoin's Puell Multiple Signals Miner Stress; $59,000 Seen as Potential Cycle Bottom

BTC0.91%
According to Lark Davis, Bitcoin's Puell Multiple indicator reading today (June 21) shows the market is approaching or within the cycle bottom zone. The metric tracks miner profitability by measuring daily miner revenue against its 365-day average; historically, when miners face sustained low returns and are forced to liquidate BTC to cover operational costs, it often signals cycle lows. Davis noted that while the indicator has not yet touched the green oversold zone, miner stress signals have emerged, typically marking the onset of a bear market's final phase. He believes $59,000 will prove critical as the cycle low in coming months.
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