2025-01-25 07:00:51 by NewsBTC

Bitcoin has still not become overbought according to the Mayer Multiple. Here’s the level BTC would need to breech in order to enter this territory. Bitcoin Mayer Multiple Has A Value Of 1.37 Right Now In a new post on X, the analytics firm Glassnode has discussed about the latest trend in the Mayer Multiple for Bitcoin. The “Mayer Multiple” here refers to an indicator that keeps track of the ratio between BTC’s spot price and its 200-day moving average (MA). As Glassnode explains, The 200DMA is a widely recognized tool for gauging macro bull or bear bias. The Mayer Multiple measures how far BTC is from this long-term average. When the Mayer Multiple has a value greater than 1, it means the price of the cryptocurrency is trading above its 200-day MA. On the other hand, it being under the mark implies the asset is below this historically important level. Now, here is the chart shared by the analytics firm, that shows the trend in the Bitcoin Mayer Multiple over the last few years: Looks like the Mayer Multiple is greater than 1 right now | Source: Glassnode on X As displayed in the above graph, the Bitcoin Mayer Multiple has a value of 1.37 right now, which means that the asset has a notable distance over its 200-day MA. In the chart, Glassnode has also highlighted three lines where the spot price of BTC would assume a Mayer Multiple equal to a historically relevant value. The green level (bottom) corresponds to the indicator assuming a value of 0.8. BTC being under this level has generally signaled oversold conditions. The line is currently situated around $60,000, meaning that the asset would have to drop under this mark to arrive at the bottoming zone. The red level (top) is located at $181,000 right now. At this price mark, the cryptocurrency’s Mayer Multiple would reach a value of 2.4. Going beyond this level usually implies that the asset is becoming overbought. “Although BTC is above its 200DMA, it’s quite far from the overbought territory,” notes the analytics firm. Bitcoin would have to break the $181,000 level if it has to cross above this level in the current cycle. It only remains to be seen, though, whether the asset would breach the level in this cycle at all or if it would top out before it can happen. The last line in the graph, the blue one in the middle, is just the 200-day MA of the asset. That is, the line where the Mayer Multiple is exactly equal to 1. BTC dipped under this level for a while during the consolidation period last year. BTC Price At the time of writing, Bitcoin is trading around $106,600, up almost 2% in the last seven days. The price of the coin appears to have been climbing up during the past day | Source: BTCUSDT on TradingViewFeatured image from Dall-E, Glassnode.com, chart from TradingView.com Keshav Verma Keshav is currently a senior writer at NewsBTC and has been attached to the website since June 14, 2021. Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to. In terms of official educational qualifications, Keshav holds a bachelor’s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions. Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true. Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn’t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment.. Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form. Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new. As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money. Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn’t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs. Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. On top of that, he also has a more traditional strength based program for the gym, which he does to maintain an overall fitness level of his body. Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.