Bitcoin Puell Multiple Signals Miner Pressure as Analysts Eye $59,000 Cycle Bottom
2026-06-21 15:36

Woofun AI observes that the Bitcoin Puell Multiple indicator reveals significant pressure on miners, signaling that the market is nearing or has entered the bottom phase of the current cycle. This metric evaluates miner profitability by comparing daily revenue against the 365-day average. Historically, sustained low income forces miners to sell BTC to cover operational costs, a pattern typically associated with cycle lows. Although the indicator has not yet entered the green oversold zone, the emergence of miner stress often precedes the end of bear markets. Analyst Lark Davis notes that price signals in this cycle are comparatively milder than past occurrences. He suggests that the validity of the $59,000 support level as the cycle bottom will be confirmed in the coming months, with current indicators growing increasingly distinct.

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Lark Davis
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