[Bitcoin Puell Multiple Indicator Shows Miners Under Pressure, Analysts Suggest $59,000 May Be the Bottom of This Cycle] BlockBeats News, June 21: Crypto analyst Lark Davis pointed out that the current reading of the Bitcoin Puell Multiple indicator suggests the market is nearing or already in the bottom region of this cycle. This indicator measures miners' profitability by tracking the ratio of daily miner revenue to the 365-day moving average. Historically, when miners' revenue remains persistently 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 entered the green oversold zone, signals of miner pressure have already appeared, which historically often marks the beginning of the end of a bear market. He also noted that the price signals in this cycle are generally milder compared to historical patterns. Davis believes that whether $59,000 can hold as the bottom of this cycle will become clear in the coming months, but current signs are becoming increasingly evident. [Original Link]