Activity on the Bitcoin blockchain, miners’ transactions, and the 200-day moving average indicate that the price may rise further.
According to Glassnode data When it exceeds 4, it enters the red zone. The Puell Multiple indicator, which entered the market, still stands at 1.53 today.
Puell Multiple is the total amount of Bitcoin miners produce daily. its value in dollars, compares them to the dollar value of their 365-day moving average. If the indicator is at high levels, miners earning rate indicates that the market is high and There may be selling pressure It means.
of this indicator over 4 The periods when it usually comes out peaked While it coincides with periods, in some bull cycles this number goes up to 10 was seen.
Glassnode data also Z-score yet 1.6 It shows that it is at the level. of this number Periods when it reached 8 It generally coincides with the peak periods of bull markets.
Z-score reflects the ratio between Bitcoin’s market value and realized value. Market cap is obtained by multiplying the total number of coins in circulation by the spot price. The realized value is not the spot price, but the value of the coins on the blockchain. value when they were last moved is taken as basis.
Another indicator that is bullish for Bitcoin is the Mayer Multiple, developed by Bitcoin investor Trace Mayer. This indicator calculates the difference between the spot Bitcoin price and the 200-day simple moving average. overbought or oversold It shows whether .
Bitcoin’s current price is only between its 200-day simple moving average of $30,563. 1.4 times differenceBitcoin still that you can rise pointing out.