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Historically accurate Bitcoin metric exits buy zone in 'unprecedented' 2022 bear market

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Bitcoin (BTC) is enjoying what some are calling a "bear market rally" and has gained 20% in July, but price action is still confusing analysts.As the July monthly close approaches, the Puell Multiple has left its bottom zone, leading to hopes that the worst of the losses may be in the past.The Puell Multiple one of the best-known on-chain Bitcoin metrics.

It measures the value of mined bitcoins on a given day compared to the value of those mined in the past 365 days.The resulting multiple is used to determine whether a day's mined coins is particularly high or low relative to the year's average.

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