bitcoin has not yet been overcome according to Mayer's multiple. Here is the level that btc would need to recruit to enter this territory.
bitcoin Mayer Multiple has a value of 1.37 at this time
In a new one <a target="_blank" href="https://x.com/glassnode/status/1882749160157331666″ target=”_blank”>mail In x, the Glassnode analysis firm has discussed the latest Multiple Mayer trend for bitcoin. The “Mayer Multiple” here refers to an indicator that monitors the relationship between the btc spot price and its 200 -day mobile average (MA).
As Glassnode explains,
200DMA is a widely recognized tool to measure Macro Toro or bear bias. Mayer multiple measures how far btc is of this long -term average.
When Mayer's multiple has a value greater than 1, it means that the price of cryptocurrency is quoted above its 200 -day ma. On the other hand, being under the brand implies that the asset is below this historically important level.
Now, here is the table shared by the analysis firm, which shows the trend in bitcoin Mayer Multiple in recent years:
As shown in the previous graph, the bitcoin Mayer multiple has a value of 1.37 at this time, which means that the asset has a notable distance over its 200 -day ma.
In the table, Glassnode has also highlighted three lines where the btc spot price would assume a multiple of Mayer equal to a historically relevant value. The green level (below) corresponds to the indicator assuming a value of 0.8.
btc is under this level, it has generally indicated over -sales conditions. The line is currently at around $ 60,000, which means that the asset would have to fall under this brand to reach the bottom zone.
The red (upper) level is at $ 181,000 at this time. To this price brand, the Mayer multiple of the cryptocurrency would reach a value of 2.4. Going beyond this level generally implies that the asset is overcoming. “Although btc is above its 200DMA, it is quite far from the overcompra territory,” says the analysis firm.
bitcoin would have to break the level of $ 181,000 if you have to cross above this level in the current cycle. However, it only remains to be seen if the asset would violate the level in this cycle or if it exceeds before it can happen.
The last line in the graph, the blue in the middle, is only the 200 -day ma of the asset. That is, the line where Mayer's multiple is exactly equal to 1. btc submerged under this level for a time during the consolidation period last year.
btc price
At the time of writing this article, bitcoin quote about $ 106,600, almost 2% in the last seven days.
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