Data shows the Bitcoin Mayer Multiple has declined to the lower bound of its range recently, which suggests a slowdown in momentum for BTC.
Bitcoin Mayer Multiple Is Now Retesting Its Lower Bound
As explained by on-chain analytics firm Glassnode in a new post on X, the Bitcoin Mayer Multiple has retraced to the lower bound of its long-term range. The “Mayer Multiple” refers to an indicator that keeps track of the ratio between the BTC spot price and its 200-day moving average (MA).
In technical analysis (TA), the 200-day MA is considered as a boundary between macro bullish and bearish trends. Whenever BTC is trading above this line, a bullish bias may be assumed to be in play. Similarly, the asset being under the mark can imply a market downturn.
Since the Mayer Multiple compares the spot price with this level, it essentially tells us about how far above or below Bitcoin is from the bull-bear boundary. The cryptocurrency gaining a large distance over the 200-day MA may
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