Bitcoin PuellMultiple indicator shows miners are under pressure Analysts say $59,000 may be the bottom of the current cycle

Crypto analyst LarkDavis pointed out that current readings on the Bitcoin PuellMultiple indicator show that the market is approaching or at the bottom of the current cycle. The indicator measures miners 'profitability by tracking the ratio of miners' daily income to the 365-day average, which historically corresponds to cyclical lows when miners 'income remains sluggish and are forced to sell BTC to cover operating costs. Davis said that although the indicator has not yet hit the green oversold range, there are signs of pressure on miners, which historically often marks the beginning of the end of a bear market. He also pointed out that the price signal of this cycle is generally milder than historical rules. Davis believes that whether the $59,000 can hold its current low will be known in the coming months, but the signs are now becoming clear.