Inside the Battery, the voltage is determined by the relative amount of charge on the 2 terminals and the capacitance between the terminals. So, the amount of charge is related to 2 different factors, how fast the charge is going out, which can be measured by current in the circuit, and how fast the charge is chemically being replaced by the battery reactions. Since you know the voltage and current, you can estimate how quickly the charge is being replaced by the batteries electrochemical reactions, so you have a good idea of how chemically “alive” the battery is.
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