On October 24, Bitcoin spiked as it did after the 2013 bubble burst, driven by a large increase in trading volume (or ‘liquidity’) and news of a potential Bitcoin ETF. This is a very healthy sign for the cryptocurrency market, which can only increase in popularity and legitimacy with the introduction of a new ETF.
This week’s Bitcoin price action is probably the most incredible buy-in move since the 2013 all-time high. According to data from CoinDesk, the price has been on a tear after a recent downturn, with a key metric called the MACD signaling a “full-blown reversal” from a downtrend. Bitcoin is up as much as 6% at the time of writing, while the majority of altcoins are also up. The cryptocurrency market cap is at $228.7bn, according to CoinMarketCap. Bitcoin is up about 2% to $6,600 at the time of writing.The classic bitcoin blockchain (BTC) indicator has shown a decent rally, despite the fact that the price movement remains uncertain.
In his July 9 tweet, Philip Swift, creator of the analysis source Look Into Bitcoin, noted the dramatic change in the price of the multiplier.
Promotion of Puel and Hashrate is a good sign
This deceptively simple metric allows Puell to track the behavior of miners to understand the extremes of the bitcoin market.
It serves very well as an indicator of the likely ups and downs of the BTC price. At the end of June, it dipped into the green buying zone for the fifth time in its history.
According to Swift, partly as a result of last weekend’s record redistribution, Puell is now higher profile – and if that continues, price increases should logically follow.
A big uptick this week for Puell Multiple, he concluded.
This is largely due to the complexity adjustment and the increase in hash rate. It’s a good sign as we see this rate and hashrate continue to grow rapidly with the return of bitcoin miners.
According to Cointelegraph, miners returning to work after leaving China will create additional competition and increase the hash rate of bitcoin, again increasing complexity.
Estimates of the end of the crisis in mining vary widely.
Puell bitcoin multiplier vs BTC/USD chart. Source: LookIntoBitcoin.com
Meanwhile, a reversal from Puell could herald a definitive macroeconomic decline in the price of bitcoin. As a trader and analyst at Rekt Capital recently noted, a dip to the green zone is usually quickly followed by a bottom for BTC/USD.
The exit into the green zone comes at a time when bitcoin is still forming a bottom, and is not entirely consistent with the price action.
Unlock grey scale reading
Bitcoin’s price momentum is strengthening at the end of the week, which could still lead to a reversal in line with recent short-term trends.
Related: BTC price rises back to $33,000 as Square confirms plans for a large bitcoin wallet
The upcoming greyscale unlock event continues to be a topic of conversation, but there are varying opinions on its impact on the BTC/USD price.
This problem is the next big thing, trader Michael van de Poppe said Saturday in an update, putting it on par with things like the expiration of bitcoin options.
He added that cryptocurrency markets are already actively negatively trending, which could give the release unwarranted credibility as a threat to price stability.
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