A classic Bitcoin (BTC) on-chain indicator has seen a "hell of a bounciness" even as toll action stays uncertain.

In a tweet on July nine, Philip Swift, creator of analytics resource Await Into Bitcoin, highlighted a dramatic change of class for the Puell Multiple.

Advancing Puell and hash rate "a good sign"

A deceptively simple metric, Puell tracks miner behavior with a view to understanding Bitcoin market extremes.

It has served extremely well as an indicator of when BTC price tops and bottoms are probable due, and in late June dipped into its green "buy" zone for only the fifth time in history.

Thanks in part to last weekend's record difficulty readjustment, Swift says, Puell has now reversed upwards — and if it keeps going, higher prices should logically follow.

"Hell of a bounce out of the green zone this week for the Puell Multiple," he summarized.

"Largely down to the difficulty adjustment and increase in hashrate. Will be a good sign if we run into this and hashrate continue to climb quickly every bit bitcoin miners come up back onboard."

As Cointelegraph reported, miners returning to piece of work subsequently being displaced from China will create more competition and boost the Bitcoin hash rate, with difficulty climbing in one case again to account for the changes.

Estimates vary greatly as to when the turbulence impacting mining volition be truly over.

Bitcoin Puell Multiple vs. BTC/USD chart. Source: LookIntoBitcoin.com

A reversal for Puell meanwhile could herald a definitive macro Bitcoin price flooring. As trader and analyst Rekt Capital recently observed, dips into the light-green zone tend to exist followed soon afterwards by a BTC/USD lesser.

The trip into the green itself occurs while Bitcoin is even so preparing to put the bottom in, and does not completely line upward with price beliefs.

Playing downwardly Grayscale unlocking

Bitcoin price action is seeing strength equally the weekend progresses, something which could nonetheless upshot in a reversal in line with recent short-term trends.

Related: BTC price regains $33k as Square confirms 'mainstream' Bitcoin wallet plans

The upcoming Grayscale unlocking events remain a topic of conversation, but opinions differ every bit to whether BTC/USD will be afflicted.

"This topic is the adjacent large narrative," trader Michaël van de Poppe said in an update on Saturday, putting it alongside topics such every bit Bitcoin options expiries.

He added that negative bias is already active across crypto markets, which may give undue credence to the unlocking as a threat to price stability.