The falling price of Bitcoin (BTC) has illuminated an important buy signal even more strongly. This is the Puel multiple, which is a measure of the profitability of digital currency miners. This metric is daily revenue divided by the 365-day moving average and is measured in dollars (USD).
puel multiple The decline widened within the so-called “discount zone”had been in that area for three months as of November 2025. When the indicator is in that sector, it is usually considered a good time to accumulate Bitcoin. That’s assuming the price is low. Although it does not necessarily mean that the fall will be greater.
In fact, the price of Bitcoin has fallen sharply in the past three months since this indicator entered the discount zone. Thus, if you are looking for the lowest price, the indicators suggest that the time to buy is now better than it was a few weeks ago.
BTC is currently trading at $69,000, 43% below its all-time high of $126,000 set in October.
Miners in dangerous conditions
Historically, crypto winters have seen Puel multiples increase. Stayed in the discount zone for about 200 days. Therefore, if this pattern continues, we will be nearing the middle of what is considered a “buying zone.” At the time of publication, it has been 91 days since we entered the sector on November 6th. This indicates that the bearish trend in BTC continues.
“Bitcoin miners are under pressure in the short term with lower incomes and lower prices, providing the perfect fuel for small entrepreneurs in the sector to shut down their machines and cover their expenses,” an analyst known as Gar explained the metric.
When a miner’s income can no longer cover operating costs, they must shut down their equipment and sell some of their BTC in order to maintain operations. This situation mainly affects small miners, but create an increase in supply A market where there is downward pressure on prices.
Analysts also warned of such dynamics. It could become a domino movement.. “If prices continue to fall, this effect will further intensify, increasing the pressure to sell reserves.”Currently, these reserves are approximately 1.8 million BTC, but have been decreasing over the past four years.
The logic behind this phenomenon is that many miners accumulate some of the Bitcoin they generate as a savings or investment strategy. However, during periods of falling prices, these reserves they act as an economic cushion It can be sold to pay operating costs or debts.
widespread selling pressure
The prediction that selling pressure from miners will increase is This behavior may also be highlighted among investors.. As AlFaRactal founder Joanne Wesson put it, a decline in key price levels “increases the risk of capitulation.” In his opinion, according to Fibonacci levels, the next major support area points around USD 65,500.
This backdrop adds another element of bearish outlook to the mining and technology landscape. Carolina Gama, director of BitGet, emphasized to CriptoNoticias that the appointment of Kevin Warsh as president of the US central bank, the Federal Reserve (FED), has caused a sense of caution in the market.
Uncertainty surrounding a new Fed chair combined with broader macroeconomic concerns about liquidity characterize this move as an amplified deleveraging event.
Carolina Gama, country manager of BitGet, an Argentine cryptocurrency exchange.
Market cautious due to macroeconomic uncertainty Occurs in correlation with that of other assetsgold and the S&P 500 Stock Index (SPX). They hit new highs last week, but are now falling just like Bitcoin.
“In the short term, the risk of chain liquidations could intensify volatility, reinforcing the importance of resilient infrastructure and robust risk management to sustain sector growth,” Gama noted regarding Bitcoin and cryptocurrencies.