{"id":394494,"date":"2024-05-24T21:00:00","date_gmt":"2024-05-24T15:30:00","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=394494"},"modified":"2024-05-24T16:50:37","modified_gmt":"2024-05-24T11:20:37","slug":"is-bitcoin-a-steal-now-at-67k-on-chain-data-says-yes","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/is-bitcoin-a-steal-now-at-67k-on-chain-data-says-yes\/","title":{"rendered":"Is Bitcoin a steal now at $67K? On-chain data says yes!"},"content":{"rendered":"<ul>\n<li aria-level=\"1\"><em>The Puell Multiple suggests Bitcoin is undervalued, indicating potential investment opportunities.<\/em><\/li>\n<li aria-level=\"1\"><em>Recent market volatility led to significant liquidations, with Bitcoin traders facing over $71 million in losses.<\/em><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\"><a href=\"http:\/\/ambcrypto.com\/category\/bitcoin-news\/\" target=\"_blank\" rel=\"noopener\">Bitcoin [BTC]<\/a>, the pioneering crypto, recently experienced a rally that pushed its price above $71,000 earlier this week. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">However, Bitcoin is currently seeing a decline of 3.3% in the past 24 hours, bringing its trading price down to $67,197 at press time. Despite this, the asset has maintained an overall week-long uptrend with a 2.3% increase.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Amid these fluctuations, Bitcoin has faced significant changes in market dynamics, including adjustments in mining difficulty and hash rate, as well as shifts in trader behavior leading to notable liquidations.<\/span><\/p>\n<h4><strong>Insights into miner revenue and market valuation<\/strong><\/h4>\n<p><span style=\"font-weight: 400;\">In the context of this price volatility, a CryptoQaunt analyst has recently <\/span><a href=\"https:\/\/cryptoquant.com\/insights\/quicktake\/664f2c82175b1a29569339a4-Puell-Multiple-reaches-the-Discount-range-after-a-year\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">shared<\/span><\/a><span style=\"font-weight: 400;\"> an on-chain data that has provided insightful indicators of Bitcoin\u2019s valuation.<\/span><\/p>\n<p><span style=\"font-weight: 400;\"> The Bitcoin Puell Multiple, an on-chain metric that calculates the ratio of daily issuance value of BTC to the 365-day moving average of the issuance, has fallen into what is traditionally considered &#8216;undervalued&#8217; territory.\u00a0<\/span><\/p>\n<figure id=\"attachment_394495\" aria-describedby=\"caption-attachment-394495\" style=\"width: 1280px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/DprKVlTmH_ab9d76c03417f9bfaa7d7a648c18c172daa8ff9d3b708f3dd9de9116ddb25a25.webp\"><img decoding=\"async\" class=\"wp-image-394495 size-full\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/DprKVlTmH_ab9d76c03417f9bfaa7d7a648c18c172daa8ff9d3b708f3dd9de9116ddb25a25.webp\" alt=\"\" width=\"1280\" height=\"359\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/DprKVlTmH_ab9d76c03417f9bfaa7d7a648c18c172daa8ff9d3b708f3dd9de9116ddb25a25.webp 1280w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/DprKVlTmH_ab9d76c03417f9bfaa7d7a648c18c172daa8ff9d3b708f3dd9de9116ddb25a25-300x84.webp 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/DprKVlTmH_ab9d76c03417f9bfaa7d7a648c18c172daa8ff9d3b708f3dd9de9116ddb25a25-1024x287.webp 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/DprKVlTmH_ab9d76c03417f9bfaa7d7a648c18c172daa8ff9d3b708f3dd9de9116ddb25a25-768x215.webp 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/DprKVlTmH_ab9d76c03417f9bfaa7d7a648c18c172daa8ff9d3b708f3dd9de9116ddb25a25-1200x337.webp 1200w\" sizes=\"(max-width: 1280px) 100vw, 1280px\" \/><\/a><figcaption id=\"caption-attachment-394495\" class=\"wp-caption-text\">Source: CryptoQuant<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">This movement suggests that despite the price pullback, Bitcoin might be trading at a discount, offering potential opportunities for investors. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">The Puell Multiple is specifically designed to gauge the economic health of Bitcoin mining activities by comparing daily miner revenues to a historical average.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Miners earn revenue through block rewards, which are consistent in BTC terms but fluctuate in USD value, directly impacted by Bitcoin&#8217;s price changes. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">When the Puell Multiple is above 1, it typically indicates that miners\u2019 earnings are higher than the average, suggesting that Bitcoin may be overvalued relative to historical norms.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Conversely, a Puell Multiple below 1, as is currently the case, signals that miners are earning less, which could imply that Bitcoin is undervalued. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">This drop in the Puell Multiple coincides with the recent Bitcoin halving event, which reduced miner rewards by half, significantly affecting the metric.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The timing of these shifts is crucial as they align with broader market movements, including Bitcoin\u2019s price consolidation and increased network activity marked by a rising hash rate, which recently <\/span><a href=\"https:\/\/data.hashrateindex.com\/chart\/bitcoin-network-hashrate\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">surpassed 600 EH\/s<\/span><\/a><span style=\"font-weight: 400;\">.\u00a0<\/span><\/p>\n<figure id=\"attachment_394496\" aria-describedby=\"caption-attachment-394496\" style=\"width: 2166px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/Screenshot-2024-05-24-at-09.08.36.png\"><img decoding=\"async\" class=\"wp-image-394496 size-full\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/Screenshot-2024-05-24-at-09.08.36.png\" alt=\"\" width=\"2166\" height=\"1510\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/Screenshot-2024-05-24-at-09.08.36.png 2166w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/Screenshot-2024-05-24-at-09.08.36-300x209.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/Screenshot-2024-05-24-at-09.08.36-1024x714.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/Screenshot-2024-05-24-at-09.08.36-768x535.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/Screenshot-2024-05-24-at-09.08.36-1536x1071.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/Screenshot-2024-05-24-at-09.08.36-2048x1428.png 2048w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/Screenshot-2024-05-24-at-09.08.36-1200x837.png 1200w\" sizes=\"(max-width: 2166px) 100vw, 2166px\" \/><\/a><figcaption id=\"caption-attachment-394496\" class=\"wp-caption-text\">Source: Bitcoihasrateindex<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">This increase in hash rate follows a significant adjustment in mining difficulty, reflecting growing optimism and activity in the cryptocurrency market, possibly fueled by the recent anticipation of the approvals of spot Ethereum ETFs in the United States.<\/span><\/p>\n<h4><strong>Recent liquidations and future market predictions<\/strong><\/h4>\n<p><span style=\"font-weight: 400;\">The recent downturn in Bitcoin\u2019s price has not only impacted investors\u2019 portfolios but also led to substantial market liquidations.<\/span><\/p>\n<p><span style=\"font-weight: 400;\"> In the last 24 hours, Bitcoin long traders <\/span><a href=\"https:\/\/www.coinglass.com\/LiquidationData\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">faced<\/span><\/a><span style=\"font-weight: 400;\"> approximately $57.84 million in liquidations, while short traders also experienced significant losses with around $13.75 million. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">These events contributed to a total of $390.80 million in crypto liquidations, affecting over 107,700 traders globally.\u00a0<\/span><\/p>\n<figure id=\"attachment_394497\" aria-describedby=\"caption-attachment-394497\" style=\"width: 2807px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/Screenshot-2024-05-24-at-09.11.15-1.png\"><img decoding=\"async\" class=\"wp-image-394497 size-full\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/Screenshot-2024-05-24-at-09.11.15-1.png\" alt=\"\" width=\"2807\" height=\"825\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/Screenshot-2024-05-24-at-09.11.15-1.png 2560w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/Screenshot-2024-05-24-at-09.11.15-1-300x88.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/Screenshot-2024-05-24-at-09.11.15-1-1024x301.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/Screenshot-2024-05-24-at-09.11.15-1-768x226.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/Screenshot-2024-05-24-at-09.11.15-1-1536x451.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/Screenshot-2024-05-24-at-09.11.15-1-2048x602.png 2048w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/Screenshot-2024-05-24-at-09.11.15-1-1200x353.png 1200w\" sizes=\"(max-width: 2807px) 100vw, 2807px\" \/><\/a><figcaption id=\"caption-attachment-394497\" class=\"wp-caption-text\">Source: Coinglass<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">Despite the current market challenges, AMBCrypto recent report suggests that <\/span><a href=\"http:\/\/ambcrypto.com\/bitcoin-will-a-surge-to-73k-trigger-the-escape-velocity-boom\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Bitcoin could soon enter an &#8216;escape velocity&#8217; phase<\/span><\/a><span style=\"font-weight: 400;\">, potentially pushing its price past $73,000. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">This phase is expected to mark a significant bullish trend, possibly driven by enhanced investor interest and broader financial market developments.\u00a0<\/span><\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin recently rallied above $71k but faced a pullback. Metrics suggest that the asset is currently at a major discount.<\/p>\n","protected":false},"author":89,"featured_media":394503,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"footnotes":""},"categories":[35,360,66,3,4,20],"tags":[6427,6428],"class_list":["post-394494","post","type-post","status-publish","format-standard","has-post-thumbnail","category-bitcoin-news","category-btc-trading-view","category-new-news","category-news","category-social","category-trading-view","tag-ambcrypto","tag-new-news"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.3) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Is Bitcoin a steal now at $67K? On-chain data says yes! - AMBCrypto<\/title>\n<meta name=\"description\" content=\"Bitcoin recently rallied above $71k but faced a pullback. 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On-chain data says yes! - AMBCrypto","isPartOf":{"@id":"https:\/\/ambcrypto.com\/#website"},"primaryImageOfPage":{"@id":"https:\/\/ambcrypto.com\/is-bitcoin-a-steal-now-at-67k-on-chain-data-says-yes\/#primaryimage"},"image":{"@id":"https:\/\/ambcrypto.com\/is-bitcoin-a-steal-now-at-67k-on-chain-data-says-yes\/#primaryimage"},"thumbnailUrl":"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/News-Articles-FI-Editors-10.webp","datePublished":"2024-05-24T15:30:00+00:00","description":"Bitcoin recently rallied above $71k but faced a pullback. 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