Data shows the price of Bitcoin has broken above the 0.55 Mayer Multiple level, below which the crypto has historically formed bottoms.
Bitcoin Has Now Left The Zone Below 0.55 Mayer Multiple
As per the latest weekly report from Glassnode, the BTC price has escaped above the Mayer Multiple bottom zone.
The “Mayer Multiple” is an indicator that measures the ratio between the current Bitcoin price and the 200-day moving average of the same.
A “moving average” (or MA in brief) is an analytical tool that takes the average of any quantity over a specified period, and as its name implies, it moves with the quantity and changes its value accordingly.
MAs are quite useful in studying long-term trends as they eliminate any short-term fluctuations