30 bitcoin metrics, 0 sell signals

A number of technical indicators implies bitcoin's top ins't in.

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Colin Harper & Charlie Spears
August 12, 2025

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Fractal Bitcoin

Happy Tuesday! Bitcoin surged over the weekend to $122,000, just a whisper away from its $123,000 all-time high in July.

Plenty of y’all are probably wondering, “Are we close to — or even at — the cycle top?

If the question has crossed your mind, this newsletter is for you.

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These 30 indicators say bitcoin still has room to run

Where does Bitcoin peak this cycle? Prior cycles – or rather, analytic metric trends from prior cycles – might help us divine an answer.

The last several bitcoin tops had a consistent pattern: multiple, independent indicators all flashing overheated conditions.

Of the 30 popular indicators, none of them are flashing “sell.” In fact, most aren’t even close to signaling the top.

These 30 bitcoin price signals are all green

CoinGlass's Bull Market Peak Indicators dashboard tracks 30 different metrics that have historically called Bitcoin tops. Right now, that dashboard sends a very clear message: despite Bitcoin’s strong run this year, none of the key indicators are at their historical sell levels.

In a true blow-off top scenario, you’d expect to see many, if not most, of these indicators in the red zone. For example, in April 2021, the Pi Cycle Top Indicator, Puell Multiple, MVRV Z-Score, and Reserve Risk all crossed their thresholds within days of each other.

At the time of writing the dashboard reads “Hold 100%, Sell 0%” meaning zero out of the 30 indicators are flashing “sell”.

Source: CoinGlass

Let’s walk through a few of the more salient metrics.

Pie Cycle Top: The metric that nailed the last three bitcoin cycles

Current progress: ~63% to historical top level.

The Pi Cycle Top Indicator has a cult following in Bitcoin circles because of how cleanly it has called previous market peaks. It’s based on the relationship between the 111-day moving average and double the 350-day moving average. When the shorter-term average crosses above the long-term one, it has often coincided with major cycle tops.

Right now, the two lines are slowly converging. We’re well over halfway there by percentage terms but still a fair distance from the kind of compression that marks final-stage euphoria.

Source: CoinGlass

Puell Multiple: Follow the miners

Current progress: ~55%

At 1.23, the Puell Multiple, which divides daily miner revenue by its 365-day moving average, is telling us miners aren't even close to peak revenue territory.

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On this day in 1981, IBM releases the IBM 5150 personal computer, the computing pioneer’s first commercial PC. Priced at $1,565 ($5,469 in today’s dollars), the base model shipped with just 16 KB of RAM, upgradeable to 64 KB on the motherboard. It came with no hard drive and relied on floppy drives, each holding 360 KB per disk.

-CBS & CMH

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