On-chain data suggests the Bitcoin MPI indicator has observed a rise recently, now reaching the same values as March 2021. Past pattern may hint that a bull rally could follow here. Bitcoin MPI Seems To Be Catching Some Uptrend After Months Of Inactivity As explained by an analyst in a CryptoQuant post, the BTC MPI metric’s current trend may suggest that a bull rally could occur soon, if historical pattern is anything to go by. The “Miners’ Position Index” (or the MPI in short) is an indicator that’s defined as the ratio of the number of all Bitcoin miners’ outflows divided by the 365-day moving average of the same. In simpler terms, what this metric tells us is how the miner selling behavior is right now compared to the average over the past year. When the value of this indicator rises, it means miners are selling more BTC recently. On the other hand, the index’s value going down implies miners are turning less active as they are moving around a lower amount of coins. Related Reading | Buying Bitcoin Might Be Good Call For The Young, Legendary Trader Peter Brandt Says Now, here is a chart that shows the trend in the BTC MPI over the past few years: Looks like the value of the indicator has been on the rise recently | Source: CryptoQuant As you can see in the above graph, the quant has marked three important regions of trend for the Bitcoin MPI since 2018. It looks like, in e...
