Fun

Bitcoin Mayer Multiple hits lows that last accompanied $30K BTC price

News Feed - 2024-06-27 04:06:25

William Suberg1 hour agoBitcoin Mayer Multiple hits lows that last accompanied $30K BTC priceThe Bitcoin price is increasingly low compared to its 200-day moving average — a key “buy the dip” signal, per the classic BTC price indicator.797 Total views23 Total sharesListen to article 0:00Markets NewsOwn this piece of crypto historyCollect this article as NFTJoin us on social networksBitcoin (BTC) has delivered a “healthy reset” to bullish sentiment thanks to a key BTC price indicator hitting eight-month lows.


In a post on X (formerly Twitter) on June 27, popular analyst On-Chain College said that classic patterns were repeating on the Bitcoin Mayer Multiple.Mayer Multiple reaches lowest since October 2023 


Bitcoin is still at $60,000, but a strikingly bearish mood has accompanied its latest 17% dip.


As Cointelegraph reported, the Crypto Fear & Greed Index is challenging 2024 lows, and across social media, there are few signs that the average hodler expects a price turnaround.


The Mayer Multiple, however, is arguably suggesting that a recovery could soon take shape.


The indicator measures Bitcoin’s current price against its 200-day moving average, and the resulting ratio is used as a buy or sell signal. Its creator, Trace Mayer, originally gave a reading of below 2.4 as “buy” territory.Bitcoin Mayer Multiple. Source: Glassnode


Data from on-chain analytics firm Glassnode shows that as of June 26, the Mayer Multiple measured 1.05.


Conversely, for the Mayer Multiple to hit the 2.4 level, the price would need to be nearly $140,000. BTC/USD last achieved a 2.4 reading in March 2021.


“The Bitcoin Mayer Multiple is now at a level not seen since October 2023, despite price at $60.9K now vs. $29.9K back in October,” On-Chain College wrote in part of accompanying commentary.“A healthy reset of sentiment to shift back bearish while being at twice the price.”Bitcoin Mayer Multiple. Source: On-Chain College


Extreme lows in the Mayer Multiple do not always correspond to BTC price floors. In mid-2022, the indicator bottomed at around 0.47, but it was another four months before the price did likewise to mark the pit of the bear market.Trader on overbought Bitcoin: “History repeating?”


As Cointelegraph continues to report, price strength is a popular topic of debate in June as the Mayer Multiple is not the only “buy” signal currently valid.


Related: Bitcoin price wobbles at $61K as US gov sends 4K BTC to Coinbase


Bitcoin’s relative strength index (RSI) has also dipped into “oversold” territory across multiple timeframes.


On the daily chart, RSI was previously at this week’s levels in August 2023 — a time at which other bull market support trendlines, such as the short-term holder cost basis, were being violated in a similar way to now.


“The last time the RSI was this low, Bitcoin had just consolidated for 3+ months, just below the key resistance @ 30k,” popular trader Jelle wrote in part of his latest X post on the topic.“We’re looking at 3+ months of consolidation below 70k now. History repeating?”BTC/USD 1-day chart with RSI data. Source: TradingView


BTC/USD traded at around $60,700 at the time of writing, per data from Cointelegraph Markets Pro and TradingView.


This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.# Bitcoin# Bitcoin Price# MarketsAdd reaction

News Feed

Biggest Movers: DOGE, SHIB Surge as Elon Musk Tweets Dog CEO Pictures
Biggest Movers: DOGE, SHIB Surge as Elon Musk Tweets Dog CEO Pictures Dogecoin rallied on Feb. 15, as Elon Musk tweeted a picture of a Shiba Inu dog, with the caption: “The new C
Bitcoin Now Larger Than Facebook’s Market Cap — ‘Money Network More Valuable Than Social Network’
Bitcoin Now Larger Than Facebook"s Market Cap — "Money Network More Valuable Than Social Network" The surge in bitcoin’s price on Friday has propelled th
Ethereum ETFs will have a bigger impact on ETH price: Bitwise
Ciaran Lyons5 hours agoEthereum ETFs will have a bigger impact on ETH price: BitwiseBitwise Chief Investment Officer Matt Hougan says there are three reasons why Ether ETFs could drive the price of the asset, more than B
Tom Mitchelhill3 hours agoFed inspector blames crypto focus, nepotism for Silvergate Bank collapseAn investigation into Silvergate Bank found that its collapse was brought about by a dependency on crypto deposits and “
$24M CryptoPunk NFT sold quietly as market interest fades
Ezra Reguerra30 minutes ago$24M CryptoPunk NFT sold quietly as market interest fadesThe actual sale amount was not disclosed, leading community members to speculate that the NFT was sold at a loss. 174 Total viewsListen
Crypto Economy Loses 3% Overnight, Bitcoin Slides Below $46K, Analyst Says ‘Downward Force Still Strong’
Crypto Economy Loses 3% Overnight, Bitcoin Slides Below $46K, Analyst Says "Downward Force Still Strong" The crypto economy has slid in value 2.9% during the last 24 hours and bitc
Spencer Dinwiddie Could Decentralize Pro Sports – If Accredited Investors Want In
Accredited investors can soon indulge their hoop dreams. In partnership with crypto firm Paxos, NBA guard Spencer Dinwiddie is looking to raise $13.5 million by tokenizing the first
Helen Partz12 hours agoIndonesia to launch crypto exchange in July: ReportOnce launched, Indonesia’s national crypto exchange will be the only platform allowing crypto transactions, the local regulator said.4664 Total
Here’s how much Bitcoin you could buy with all the fiat currency in the world
Tristan Greene6 hours agoHere’s how much Bitcoin you could buy with all the fiat currency in the world5,000 BTC used to get you a pizza — now it’s worth more than some countries.9468 Total views2 Total sharesListen
Bitcoin Miners Are Selling Coins Faster Than They Can Generate Them
Bitcoin Miners Are Selling Coins Faster Than They Can Generate Them According to data sites and a number of observers, bitcoin miners are selling coins faster than they can produ
Biggest Movers: DOGE up on Twitter News, WAVES Deep in the Red
Biggest Movers: DOGE up on Twitter News, WAVES Deep in the Red DOGE rallied on Monday, as traders reacted to the news that Elon Musk was possibly nearing a takeover of Twitter. Wh
This Week’s Top Crypto Catalysts: What Investors Need To Watch
Este artículo también está disponible en español. Crypto markets are poised for a dynamic start to the new year, with a series of pivotal events set to reshape sentiment