- BTC’s daily Puell Multiple attempted to cross above its 365-day moving average.
- Historically, this has preceded a jump in BTC’s value.
Bitcoin’s [BTC] daily Puell Multiple is poised to cross above its 365-day moving average, suggesting a potential for an upward rally, data from CryptoQuant has shown.
Source: CryptoQuant
BTC’s Puell Multiple measures the ratio of measures the ratio of BTC mined daily to the 365-day average price.
When it returns a high value (above 4), miners are raking in profits above their typical costs, potentially leading them to sell off some of their holdings, putting downward pressure on the price.
Conversely, a low Puell Multiple (below 0.5) signals miners are struggling with low profit and are more inclined to hold onto their coins to avoid taking a loss.
In a new report, the chart provided by pseudonymous CryptoQuant analyst DataScope showed that, historically, a crossover of the daily Puell Multiple above the 365-day moving average has often been followed by periods of BTC price appreciation.
According to the analyst:
“The relationship between the daily Puell Multiple values and the 365-day Puell Multiple moving average can indicate market trends, with a daily Puell Multiple crossing above the 365-day moving average often indicating an upward price trend.”
No rally in view in the short term
While many predicted a rally above $50,000 post-ETF approval, BTC peaked at $48,625 on the 11th of January and has since trended downward.
Exchanging hands at $40,918 at press time, the leading coin’s value has plummeted by 16% in the last ten days, according to data from CoinMarketCap.
Also, the impending crossover of BTC’s daily Puell Multiple above the 365-day moving average suggested the possibility of a rally.
However, the low trade volume experienced in the last week indicated that this may not be possible in the short term.
An assessment of the coin’s daily trading volume on a seven-day moving average showed that it has declined by 35% since the 14th of January.
Data from Santiment revealed that the low trading activity might be due to the negative weighted sentiment that has trailed the coin since ETF went live.
Returning a negative value at press time, BTC’s Weighted Sentiment was -0.494.
Further, readings from the coin’s daily price chart showed that it had remained in a bear cycle since the 12th of January, when its MACD line crossed below the trend line to return negative values.
Source: TradingView
Read Bitcoin’s [BTC] Price Prediction 2024-25
When an asset’s MACD line intersects its trend line and falls below the zero line, it indicates that the short-term moving average has crossed below the long-term moving average, suggesting that downward momentum is stronger than any uptrend.
Traders often interpret this as a sell signal, putting downward pressure on an asset’s price. Therefore, any potential price uptrend may be delayed until sentiment improves and the bulls attempt to regain market control.
- BTC’s daily Puell Multiple attempted to cross above its 365-day moving average.
- Historically, this has preceded a jump in BTC’s value.
Bitcoin’s [BTC] daily Puell Multiple is poised to cross above its 365-day moving average, suggesting a potential for an upward rally, data from CryptoQuant has shown.
Source: CryptoQuant
BTC’s Puell Multiple measures the ratio of measures the ratio of BTC mined daily to the 365-day average price.
When it returns a high value (above 4), miners are raking in profits above their typical costs, potentially leading them to sell off some of their holdings, putting downward pressure on the price.
Conversely, a low Puell Multiple (below 0.5) signals miners are struggling with low profit and are more inclined to hold onto their coins to avoid taking a loss.
In a new report, the chart provided by pseudonymous CryptoQuant analyst DataScope showed that, historically, a crossover of the daily Puell Multiple above the 365-day moving average has often been followed by periods of BTC price appreciation.
According to the analyst:
“The relationship between the daily Puell Multiple values and the 365-day Puell Multiple moving average can indicate market trends, with a daily Puell Multiple crossing above the 365-day moving average often indicating an upward price trend.”
No rally in view in the short term
While many predicted a rally above $50,000 post-ETF approval, BTC peaked at $48,625 on the 11th of January and has since trended downward.
Exchanging hands at $40,918 at press time, the leading coin’s value has plummeted by 16% in the last ten days, according to data from CoinMarketCap.
Also, the impending crossover of BTC’s daily Puell Multiple above the 365-day moving average suggested the possibility of a rally.
However, the low trade volume experienced in the last week indicated that this may not be possible in the short term.
An assessment of the coin’s daily trading volume on a seven-day moving average showed that it has declined by 35% since the 14th of January.
Data from Santiment revealed that the low trading activity might be due to the negative weighted sentiment that has trailed the coin since ETF went live.
Returning a negative value at press time, BTC’s Weighted Sentiment was -0.494.
Further, readings from the coin’s daily price chart showed that it had remained in a bear cycle since the 12th of January, when its MACD line crossed below the trend line to return negative values.
Source: TradingView
Read Bitcoin’s [BTC] Price Prediction 2024-25
When an asset’s MACD line intersects its trend line and falls below the zero line, it indicates that the short-term moving average has crossed below the long-term moving average, suggesting that downward momentum is stronger than any uptrend.
Traders often interpret this as a sell signal, putting downward pressure on an asset’s price. Therefore, any potential price uptrend may be delayed until sentiment improves and the bulls attempt to regain market control.
clomiphene where can i get generic clomid tablets where buy generic clomid without dr prescription cost of cheap clomid without insurance where buy cheap clomid tablets clomiphene one fallopian tube can i buy clomiphene no prescription
Greetings! Jolly serviceable suggestion within this article! It’s the petty changes which will turn the largest changes. Thanks a portion in the direction of sharing!
This is the type of enter I turn up helpful.
brand zithromax – buy ofloxacin 400mg order metronidazole for sale
semaglutide 14 mg canada – semaglutide 14 mg pills cyproheptadine 4 mg usa
purchase motilium without prescription – sumycin pills flexeril cheap
buy amoxil without a prescription – buy amoxicillin sale buy combivent
zithromax 250mg drug – order nebivolol 5mg pill bystolic 5mg for sale
buy amoxiclav without prescription – https://atbioinfo.com/ where to buy ampicillin without a prescription
buy esomeprazole for sale – anexamate buy nexium 40mg without prescription
order generic warfarin 5mg – blood thinner cozaar 25mg canada
buy mobic online cheap – https://moboxsin.com/ buy mobic 7.5mg pill
buy deltasone online – https://apreplson.com/ prednisone 5mg usa
best natural ed pills – https://fastedtotake.com/ erection pills online
amoxicillin oral – combamoxi.com buy amoxil sale
order generic fluconazole 200mg – fluconazole us fluconazole drug
lexapro 20mg sale – escita pro lexapro 20mg for sale
buy cenforce pill – https://cenforcers.com/# cenforce online
what possible side effect should a patient taking tadalafil report to a physician quizlet – https://ciltadgn.com/# how long does cialis last 20 mg
cialis tadalafil 20mg tablets – https://strongtadafl.com/# cialis buy without
buy ranitidine 150mg generic – https://aranitidine.com/# generic ranitidine
sildenafil citrate tablets 50 mg – on this site cheap viagra real
More posts like this would persuade the online play more useful. site
With thanks. Loads of erudition! amoxicillin us
This is a question which is near to my heart… Many thanks! Exactly where can I lay one’s hands on the phone details an eye to questions? https://ursxdol.com/azithromycin-pill-online/
This is the big-hearted of literature I rightly appreciate. https://prohnrg.com/product/rosuvastatin-for-sale/
Greetings! Utter useful suggestion within this article! It’s the petty changes which wish obtain the largest changes. Thanks a quantity for sharing! https://aranitidine.com/fr/en_ligne_kamagra/
Thanks an eye to sharing. It’s acme quality. https://ondactone.com/spironolactone/
Thanks for putting this up. It’s okay done.
purchase avodart online
brand dapagliflozin 10 mg – https://janozin.com/# buy generic dapagliflozin
buy orlistat sale – https://asacostat.com/ buy generic xenical 60mg