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Bitcoin’s Seller Exhaustion Constant recently plunged again after hitting its lowest level in August, reaching the second-lowest reading of this cycle, crypto analyst Murphy said in an analysis shared on X.
Murphy said the metric fell to its lowest level since the August trough when BTC dropped to $77,000 a few days ago. Murphy said the indicator reflects periods of low price volatility and heavy investor losses, adding that in the past it reached such extreme levels only near cycle bottoms. Once prices moved off the bottom, Murphy said, similar readings rarely reappeared, and even if BTC fell further, the indicator tended to form a second low above the first. Murphy added that a buy signal emerging at the second low is generally more reliable than the first, although investors may have to buy BTC at a higher price than they would have at the initial bottom.