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Bitcoin (BTC) On-Chain Analysis: Mayer Multiple Shows Bullish Reversal Potential

Be[In]Crypto takes a look at the Mayer Multiple (MM) and its components in order to determine if BTC is close to a bullish trend reversal.

The post Bitcoin (BTC) On-Chain Analysis: Mayer Multiple Shows Bullish Reversal Potential appeared first on BeInCrypto.

Be[In]Crypto takes a look at the Mayer Multiple (MM) and its components in order to determine if BTC is close to a bullish trend reversal.

What is Mayer Multiple?

The Mayer Multiple (MM) is an oscillator that is calculated using the ratio between the BTC price and its 200-day moving average (MA).

Afterward, the Mayer Multiple indicator (blue) is afterward created by taking the difference between the BTC price and its 200-day MA. The 0.8 (green) and 2.4 (purple) oscillators are then plotted in order to determine market tops and bottoms. 

Movements above the 2.4 oscillators have historically coincided with tops. Conversely, movements below the 0.8 oscillators have coincided with bottoms.

BTC capitulates

As stated previously, sharp breakdowns below the 0.8 oscillators have historically determined bottoms. Usually, these occur after a period in which the indicator moves freely above and below the 0.8 line (black circle). 

In the current cycle, the capitulation started on May 5 (red arrow). Afterward, the bottom was reached on June 18, 43 days after capitulation began. This was similar to the length it took for the bottom to be reached in 2015 and much longer than what it took in 2019. In the former, it took the price 50 days to reach a bottom after the MM capitulation. In 2019 only 17 days were required for a bottom to be reached.

Bitcoin (BTC) On-Chain Analysis: Mayer Multiple Shows Bullish Reversal Potential
MM Chart By Glassnode

Potential reversal

Historically, once MM falls below the 0.8 oscillator for good, the ensuing reclaim confirms that a bullish reversal has begun. 

This can be clearly seen in March 2019, April 2020, and even July 2021 (black circles). 

In the current movement, MM reached a high of 0.74 on Aug. 13 but was rejected (red circle) in the first attempt at moving above the line.

Due to how long the indicator has been below 0.8, a reclaim of this level is expected in the near future. If one occurs, it would confirm that the bullish reversal has begun.

BTC MM
MM Chart By Glassnode

For Be[in]Crypto’s latest Bitcoin (BTC) analysis, click here

The post Bitcoin (BTC) On-Chain Analysis: Mayer Multiple Shows Bullish Reversal Potential appeared first on BeInCrypto.

Source: Markets – BeInCrypto

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A Dozen Digital Assets Record Double-Digit Gains as Crypto Markets Begin to Heal After FTX’s Collapse

A Dozen Digital Assets Record Double-Digit Gains as Crypto Markets Begin to Heal After FTX’s CollapseAt the time of writing the global cryptocurrency market capitalization is hovering around $842 billion on Sunday, Nov. 27, 2022. Bitcoin prices consolidated since the start of the week, as seven-day stats indicate the price of bitcoin has dropped by 0.02% this week. Meanwhile, while bitcoin prices remain static, a number of alternative crypto assets […]

A Dozen Digital Assets Record Double-Digit Gains as Crypto Markets Begin to Heal After FTX’s Collapse

At the time of writing the global cryptocurrency market capitalization is hovering around $842 billion on Sunday, Nov. 27, 2022. Bitcoin prices consolidated since the start of the week, as seven-day stats indicate the price of bitcoin has dropped by 0.02% this week. Meanwhile, while bitcoin prices remain static, a number of alternative crypto assets have recorded double-digit gains this week.

Crypto Economy Hovers Above the $800 Billion Zone as a Dozen Tokens Record Double-Digit Gains

Bitcoin (BTC) on Sunday is currently trading for $16,550 per unit and prices have remained stagnant for the last seven days. The token with the second-largest market capitalization, ethereum (ETH), has managed to gain 3.45% this week climbing back above the $1,200 range.

At the time of writing (10:00 a.m. ET), the crypto economy is down 0.07%, and it is currently valued at 842 billion nominal U.S. dollars. Out of the top ten largest cryptos this week, the two leading tokens include BNB and DOGE.

A Dozen Digital Assets Record Double-Digit Gains as Crypto Markets Begin to Heal After FTX’s Collapse

BNB has increased by 16.29% against the greenback during the past week, and seven-day stats show dogecoin (DOGE) is up 25.57%. Both of these crypto assets are not the only tokens that have seen double-digit gains during the past week.

The exchange coin huobi token (HT), for instance, has increased by 55.99% this week and celo (CELO) is up 45.31%. Curve’s dao token (CRV) has jumped 35.41% higher against the U.S. dollar, and litecoin (LTC) has increased by 25.29% this week.

Apecoin (APE) managed to rise 22.55% this week, and chainlink (LINK) rose by 17.95%. Dash (DASH) is up 17.25% and convex finance (CVX) has risen by 15.25% against the greenback.

In fact, 13 different crypto assets out of the 21,863 listed on coinmarketcap.com, have increased by double digits during the last week. This week’s biggest losers, however, included chiliz (CHZ) down 24.16%, chain (XCN) which lost 16%, and algorand (ALGO) shed 12.67%.

Those were the only three crypto tokens that saw double-digit losses against the U.S. dollar during the past seven days. Presently, out of the $842 billion global cryptocurrency market capitalization, bitcoin’s (BTC) market cap dominates by 37.7%.

Ethereum (ETH), on the other hand, dominates the crypto economy by 17.6% on Nov. 27, 2022. Global trade volume is a lot less than when FTX collapsed two weeks ago, as it rose above $200 billion during multiple 24-hour periods.

Today, the crypto economy’s Global trade volume is only $36.84 billion and tether (USDT) commands $26.78 billion of the aggregate. Bitcoin’s (BTC) global trade volume today is around $19.30 billion and ETH captures $4.38 billion of Sunday’s trade volume.

What do you think about the handful of crypto tokens that have recorded double-digit gains this past week? Let us know what you think about this subject in the comments section below.

Source: Markets and Prices Archives – Bitcoin News

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