A classic Bitcoin (BTC) on-chain indicator has experienced a “leap from hell”, even if the price development remains uncertain.

In one tweet On July 9, Philip Swift, creator of the analysis source Look Into Bitcoin, highlighted a significant change in course in the Puell Multiple.

Puell improvement and hash rate “a good sign”

As a simple metric, Puell tracks miners’ behavior to understand the extremes of the Bitcoin market.

It has served well as an indicator of when BTC price highs and lows are likely to come due, and at the end of June it sank into its green “buy zone” for the fifth time in history.

Thanks in part to a record difficulty correction late last week, Swift said, Puell has now had a reversal to the upside – and if this continues, logically higher prices will follow.

He summed it up: “It was frustrating to get out of the green for the Puell Multiple this week.

“It’s mainly adjusting the difficulty and increasing the hashrate. It would be a good sign if we see this and the hashrate continues to rise rapidly when the bitcoin miners return. “

As Cointelegraph reported, miners returning to work after leaving China will create more competition and increase the bitcoin hash rate, with difficulties rising again to accommodate the changes.

Estimates vary widely as to when the chaos affecting mining will actually end.

In the meantime, a reversal for Puell could usher in some macro price floor for Bitcoin. As trader and analyst Rekt Capital recently observed, a deep dip into green tends to be followed by a BTC / USD bottom.

The trip into the green happened by itself, while Bitcoin was still preparing for the bottom of the valley and did not quite correspond to the price behavior.

Downplay unlock grayscale

Bitcoin price action gets stronger as the weekend progresses, which could reverse the recent short-term trend.

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Upcoming grayscale unlock events are still a topic of discussion, but opinions differ as to whether BTC / USD will be affected.

“This subject is the next big story,” said dealer Michaël van de Poppe in a statement To update on Saturday alongside topics such as the expiry of Bitcoin options.

He added that a negative bias is already at work in the crypto markets that could lead to an over-reliance on unlocking as a threat to price stability.