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Bit360

06/14 10:58

Bitcoin’s Surge: Are External Factors Driving

Bitcoin’s Surge: Are External Factors Driving the Market?

The rising price coincides with the fact that BTC is making new records, having exceeded the $106,000 mark. It is a very important development, indicating that the bullish market might be gathering momentum. Nevertheless, analysts also note that the Puell Multiple indicator, which suggests the daily revenue of miners divided by the annual mean, remains low and has yet to fall below 1.40.unnamed (3).png

The low Puell Multiple suggests that miners are not fully benefiting from the Bitcoin price increase. Since the price has increased, the revenue received by the miners has not achieved the trend of the market rise. That is a sign that the market could be driven by external factors, such as institutional demand, BTC ETFs, or a shrinking supply, rather than by mining itself
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