The Bitcoin Miner Cycle Pressure Composite Index has dropped to a new low for 2026, entering a historically undervalued range.

According to Bitcoin News citing analyst @gaah_im, the Bitcoin Miner Cycle Pressure Composite Index has fallen to a new low in 2026, entering a historically undervalued range. This indicator combines the Puell Multiple with the inverse Miner Capitulation Index to measure the dynamics between miner income and costs. Synchronous collapses of this composite index have appeared near major Bitcoin bottoms in 2015, 2018, 2020, 2022, and 2024. The composite index reached 0.00 during the 2015 capitulation, at which time Bitcoin dropped from around $300 to $160 within a week. The indicator exhibits similar behavior again in 2026, as miner pressure reaches historically rare levels.