Bitcoin in value zone as cycle metrics signal low Puell Multiple

Bitcoin’s on‑chain and price cycle indicators show the cryptocurrency trading in a capitulation regime with a low Mayer Multiple below 1, indicating price under its 200‑day average. The metrics place Bitcoin in a “value zone” rather than a definitive bottom, with cycle heat at 25 out of 100 and funding pressure low.

The Puell Multiple, which gauges miner revenue against a 365‑day average, hit a cycle low of 0.53 – the highest bottom recorded since 2018 – before rising to around 0.84. Large Bitcoin holders have absorbed roughly $1.4 billion of supply sold by retail traders near the $64,700 level, suggesting a shift in market structure rather than a decisive bottom.

Together, the data imply that while Bitcoin appears cheap by cycle metrics, the market remains unstretched and the current regime could persist without a clear reversal signal.