- Bitcoin’s Puell Multiple dropped below 0.4, signaling a market bottom and a fall in miner selling pressure
- A golden cross on the 2-month chart and tightening Bollinger Bands suggested a potential breakout
Bitcoin [BTC], at the time of writing, was flashing signs of potential bullish momentum, with the Puell Multiple dropping below 0.4. This coincided with a golden cross forming on the 2-month chart. These indicators, along with on-chain data, suggested that Bitcoin may be preparing for a significant price move. A closer look at the data is important to assess whether Bitcoin is really ready for a rally.
For example – The Puell Multiple fell below 0.4, indicating that Bitcoin miners are earning far less than their historical average. This was noted by analyst Ali Martinez on X (formerly Twitter). This metric has historically been associated with market bottoms, signaling that Bitcoin could be undervalued.
When miners earn less, they are less likely to sell. This reduces selling pressure in the market and often precedes a price recovery.
Source: X
How are miners and on-chain activity supporting the bullish case?
Despite low miner earnings, Bitcoin’s network activity remains strong. Active addresses have risen by 0.93%, totaling 8.24k in the past 24 hours – A sign of greater network engagement.
This rising activity, combined with miners likely holding rather than selling, sets the stage for supply constraints that could drive the price higher.
Source: Cryptoquant
Miners holding onto their coins while on-chain activity increases often reduces supply. This might lead to a potential price uptick as demand remains steady or grows.
Golden Cross and other technical indicators
On the 2-month chart, Bitcoin formed a Golden Cross, one where the 50-period moving average crossed above the 200-period moving average. This pattern is a widely recognized bullish signal, especially on longer timeframes. This means that Bitcoin may be entering a sustained upward trend on the charts.
Source: TradingView
Additionally, the Relative Strength Index (RSI) at 51.05 signaled neutral market conditions, allowing room for upward movement.
Bollinger Bands seemed to be tightening too, with Bitcoin near the lower band at $57,758.15. This could mean that the asset is oversold and could see a bounce soon.
Source: TradingView
Is Bitcoin ready for a breakout?
With the Puell Multiple signaling a market bottom, the formation of a Golden Cross, and key technical indicators like the RSI and Bollinger Bands supporting a bullish scenario, Bitcoin may be ready for a potential breakout.
Reduced miner selling pressure, rising on-chain activity, and strong technical signals backed this hypothesis too.
- Bitcoin’s Puell Multiple dropped below 0.4, signaling a market bottom and a fall in miner selling pressure
- A golden cross on the 2-month chart and tightening Bollinger Bands suggested a potential breakout
Bitcoin [BTC], at the time of writing, was flashing signs of potential bullish momentum, with the Puell Multiple dropping below 0.4. This coincided with a golden cross forming on the 2-month chart. These indicators, along with on-chain data, suggested that Bitcoin may be preparing for a significant price move. A closer look at the data is important to assess whether Bitcoin is really ready for a rally.
For example – The Puell Multiple fell below 0.4, indicating that Bitcoin miners are earning far less than their historical average. This was noted by analyst Ali Martinez on X (formerly Twitter). This metric has historically been associated with market bottoms, signaling that Bitcoin could be undervalued.
When miners earn less, they are less likely to sell. This reduces selling pressure in the market and often precedes a price recovery.
Source: X
How are miners and on-chain activity supporting the bullish case?
Despite low miner earnings, Bitcoin’s network activity remains strong. Active addresses have risen by 0.93%, totaling 8.24k in the past 24 hours – A sign of greater network engagement.
This rising activity, combined with miners likely holding rather than selling, sets the stage for supply constraints that could drive the price higher.
Source: Cryptoquant
Miners holding onto their coins while on-chain activity increases often reduces supply. This might lead to a potential price uptick as demand remains steady or grows.
Golden Cross and other technical indicators
On the 2-month chart, Bitcoin formed a Golden Cross, one where the 50-period moving average crossed above the 200-period moving average. This pattern is a widely recognized bullish signal, especially on longer timeframes. This means that Bitcoin may be entering a sustained upward trend on the charts.
Source: TradingView
Additionally, the Relative Strength Index (RSI) at 51.05 signaled neutral market conditions, allowing room for upward movement.
Bollinger Bands seemed to be tightening too, with Bitcoin near the lower band at $57,758.15. This could mean that the asset is oversold and could see a bounce soon.
Source: TradingView
Is Bitcoin ready for a breakout?
With the Puell Multiple signaling a market bottom, the formation of a Golden Cross, and key technical indicators like the RSI and Bollinger Bands supporting a bullish scenario, Bitcoin may be ready for a potential breakout.
Reduced miner selling pressure, rising on-chain activity, and strong technical signals backed this hypothesis too.
I just could not leave your web site before suggesting that I really enjoyed the standard information a person supply to your visitors Is gonna be again steadily in order to check up on new posts
buy cheap clomid price can i purchase cheap clomiphene without insurance cost generic clomid online generic clomiphene without dr prescription clomiphene medication cost clomid pregnancy how can i get cheap clomid
With thanks. Loads of conception!
Good blog you be undergoing here.. It’s severely to on strong quality writing like yours these days. I honestly recognize individuals like you! Withstand vigilance!!
purchase zithromax generic – ciprofloxacin 500mg us order metronidazole sale
order rybelsus 14 mg pills – order cyproheptadine 4 mg without prescription buy cyproheptadine 4mg generic
how to get domperidone without a prescription – tetracycline 500mg oral cost flexeril 15mg
order amoxiclav online cheap – atbioinfo.com how to buy ampicillin
order esomeprazole 20mg pill – anexamate buy nexium without a prescription
purchase warfarin for sale – https://coumamide.com/ cozaar 50mg pill
buy meloxicam online cheap – https://moboxsin.com/ meloxicam 7.5mg over the counter
oral deltasone 10mg – aprep lson prednisone 5mg cheap
buy ed pills cheap – ed pills online best ed drugs
cheap amoxil – combamoxi.com buy amoxicillin pills for sale
diflucan 200mg over the counter – click diflucan 200mg us
cenforce tablet – https://cenforcers.com/ how to buy cenforce
order zantac 150mg for sale – https://aranitidine.com/# generic zantac
what are the side effects of cialis – https://strongtadafl.com/ cialis generic timeline
This is the gentle of criticism I rightly appreciate. para que sirve el prednisolone
More posts like this would bring about the blogosphere more useful. https://buyfastonl.com/
The vividness in this piece is exceptional. https://ursxdol.com/propecia-tablets-online/
Proof blog you have here.. It’s hard to find elevated worth article like yours these days. I justifiably recognize individuals like you! Withstand guardianship!! https://prohnrg.com/product/acyclovir-pills/
This is the gentle of scribble literary works I positively appreciate. https://aranitidine.com/fr/acheter-cenforce/
This is the big-hearted of literature I rightly appreciate. https://ondactone.com/simvastatin/
This website absolutely has all of the bumf and facts I needed to this subject and didn’t comprehend who to ask.
flomax price
Thanks for putting this up. It’s evidently done. http://iawbs.com/home.php?mod=space&uid=914823
dapagliflozin ca – https://janozin.com/ buy generic forxiga 10 mg
orlistat cost – buy xenical sale buy orlistat online