Bitcoin Mayer Multiple Declines to 0.8, Retesting Lower Bound

The Bitcoin Mayer Multiple has recently declined to the lower bound of its range, indicating a potential slowdown in momentum for Bitcoin.

Key Points

The Mayer Multiple is the ratio between BTC's spot price and its 200-day moving average (MA).
Currently, BTC's spot price is below the 200-day MA, with the Mayer Multiple at 0.8, near the lower boundary of its long-term range.
This level was last breached during the 2022 bear market.
The compression at this level typically aligns with phases where price consolidates and demand increases.
BTC is also retesting significant on-chain levels, including the Active Realized Price ($88,600) and True Market Mean ($82,000).
A breakdown below these levels would indicate a deeper bear trend not seen since May 2022.

Bitcoin is trading at approximately $87,200, experiencing a 13% decline over the past week.