Odaily Planet Daily reports that data shows that as of February 9, the Bitcoin “Mayer Multiple” indicator has dropped to 0.65, below the oversold level of 0.8, marking the first time since May 2022. This indicator provides buy and sell signals by comparing Bitcoin’s current price to its 200-day moving average. Its founder, Trace Mayer, previously considered below 2.4 as a “buy” zone. However, extremely low levels do not always mean the price has bottomed out. In mid-2022, the indicator fell to 0.47, but BTC then declined about 58% over the following four months. This suggests that current BTC/USD could still test the 200-week moving average. Additionally, the Relative Strength Index (RSI) indicates that Bitcoin may further decline, potentially even dropping to the $40,000 range in extreme cases. (Cointelegraph)
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