Bitcoin onchain indicator signals $58.5K price near ‘favorable’ buy level
A CryptoQuant contributor has indicated that a slight decrease in the Bitcoin Puell Multiple index could present a “favorable buying opportunity.”
A popular Bitcoin indicator that traders use to gauge miner selling activity is approaching a level that signals a promising buying opportunity for Bitcoin, according to a crypto analyst.
“The Puell Multiple index is fluctuating between these two critical levels. If historical patterns hold, a bearish scenario where the index drops below 0.6 could once again signal a favorable buying opportunity for investors,” CryptoQuant contributor Grizzly explained in an Aug. 31 analyst note.
On April 20, around the Bitcoin halving, the Puell Multiple index score was 1.76. Source: Bitbo
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Author: Ciaran Lyons
