Bitcoin Is Trading 40% Beneath Its 200-Day MA — What’s Next?

Recent on-chain data shows that the Bitcoin price is currently at an important phase, raising suspicions as to whether the market is nearing a cyclical bottom.  Mayer Multiple Falls To 0.6 — What This Means In a recent Quicktake post on the CryptoQuant platform, on-chain analyst Ruga Research pointed out that the Bitcoin price now has a 40% negative deviation from its 200-day moving average. This on-chain observation revolves around the Bitcoin Mayer Multiple.  Related Reading: Bitcoin Drifts Into A Deep Conviction Zone, Smart Money Stays Patient For context, the Mayer Multiple metric tracks how far a coin’s current price is trading above or below its long-term trend. This indicator is able to achieve this by dividing the price by its 200-day moving average.  When th...