The Bitcoin Puell Multiple indicator shows that miners are under pressure, and analysts say that $59,000 may be the bottom of this cycle

Crypto analyst Lark Davis pointed out that the current reading of the Bitcoin Puell Multiple indicator shows that the market is nearing or is in the bottom area of this cycle. This indicator measures miners' profitability by tracking the ratio of daily miner revenue to the 365-day average. Historically, when miner income remains low and they are forced to sell BTC to cover operating costs, it often corresponds to cycle lows.

Davis stated that although the indicator has not yet reached the green oversold zone, signals of pressure on miners have already appeared, which historically usually marks the beginning of the end of a bear market. He also noted that the price signals in this cycle are overall milder compared to historical patterns. Davis believes that whether $59,000 can hold as the low point of this cycle will be revealed in the coming months, but current signs are becoming clearer.