Bitcoin's "Mayer Multiple" indicator has fallen to 2022 levels, suggesting the market may be approaching a deep bear market correction.
PANews reported on February 10th that, according to Cointelegraph, on-chain data shows that as of February 9th, the Bitcoin "Mayer Multiple" indicator had fallen to 0.65, below the "oversold" level of 0.8, the first time this has occurred since May 2022. This indicator provides buy and sell signals by comparing the current Bitcoin price with the 200-day moving average. Its creator, Trace Mayer, previously considered a level below 2.4 as a "buy" zone. However, extreme lows do not always indicate a price bottom. In mid-2022, this indicator fell to 0.47, but BTC subsequently dropped by approximately 58% over the next four months. This means that the current BTC/USD may still retest the 200-week moving average. Furthermore, the Relative Strength Index (RSI) suggests that Bitcoin may fall further, potentially even dipping to the $40,000 range in extreme cases.
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Crypto execs met with US lawmakers to discuss Bitcoin reserve, market structure bills
Lawmakers in the US House of Representatives and Senate met with cryptocurrency industry leaders in three separate roundtable events this week. Members of the US Congress met with key figures in the cryptocurrency industry to discuss issues and potential laws related to the establishment of a strategic Bitcoin reserve and a market structure.On Tuesday, a group of lawmakers that included Alaska Representative Nick Begich and Ohio Senator Bernie Moreno met with Strategy co-founder Michael Saylor and others in a roundtable event regarding the BITCOIN Act, a bill to establish a strategic Bitcoin (BTC) reserve. The discussion was hosted by the advocacy organization Digital Chamber and its affiliates, the Digital Power Network and Bitcoin Treasury Council.“Legislators and the executives at yesterday’s roundtable agree, there is a need [for] a Strategic Bitcoin Reserve law to ensure its longevity for America’s financial future,” Hailey Miller, director of government affairs and public policy at Digital Power Network, told Cointelegraph. “Most attendees are looking for next steps, which may mean including the SBR within the broader policy frameworks already advancing.“Read more
Messari and Warden Protocol have partnered to launch an AI research assistant to aid in real-time crypto market analysis.
