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Breaking News: Cantor Fitzgerald Projects Major Growth For Hyperliquid (HYPE) In Explosive New Report

Bitcoin Mayer Multiple Retraces To Lower Bound—What Comes Next?

Keshav Verma
Keshav Verma
Last Updated: November 21, 2025 9:00 am
3 mins read
Bitcoin

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Data shows the Bitcoin Mayer Multiple has declined to the lower bound of its range recently, which suggests a slowdown in momentum for BTC.

Bitcoin Mayer Multiple Is Now Retesting Its Lower Bound

As explained by on-chain analytics firm Glassnode in a new post on X, the Bitcoin Mayer Multiple has retraced to the lower bound of its long-term range. The “Mayer Multiple” refers to an indicator that keeps track of the ratio between the BTC spot price and its 200-day moving average (MA).

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In technical analysis (TA), the 200-day MA is considered as a boundary between macro bullish and bearish trends. Whenever BTC is trading above this line, a bullish bias may be assumed to be in play. Similarly, the asset being under the mark can imply a market downturn.

Since the Mayer Multiple compares the spot price with this level, it essentially tells us about how far above or below Bitcoin is from the bull-bear boundary. The cryptocurrency gaining a large distance over the 200-day MA may imply it’s becoming overpriced, while it being too far under could increase the chances of a rebound to the upside taking place.

Now, here is the chart shared by Glassnode that shows how the Bitcoin Mayer Multiple is looking right now:

Bitcoin Mayer Multiple
Looks like the value of the metric has gone down in recent days | Source: Glassnode on X

As displayed in the above graph, the Bitcoin spot price has broken below the 200-day MA with its recent downtrend, which has resulted in the Mayer Multiple approaching a value of 0.8.

This 0.8 level happens to be where the indicator’s long-term range has found its lower boundary in the past. The last time the metric fell below this line was during the 2022 bear market.

“Historically, such compressions have aligned with value-driven phases where price consolidates and demand begins to step in,” noted the analytics firm. It now remains to be seen whether a break below is coming for Bitcoin or not.

This technical boundary isn’t the only one that BTC is retesting; there are also a couple of important on-chain levels that the cryptocurrency happens to be trading around right now, making the current range a potentially significant one.

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In a post on X, Glassnode senior researcher CryptoVizArt.₿ has shared some of the major on-chain price models.

Bitcoin On-Chain Levels
The various important BTC cost basis levels | Source: @CryptoVizArt on X

With its drop in the past day, Bitcoin has slipped under the Active Realized Price situated at $88,600, corresponding to the average cost basis of the active market participants.

The next closest level is the True Market Mean, which is another cost basis model for the BTC network. Currently, this level is located at $82,000. “A breakdown below both Active Investors and the True Market Mean would mark the first major confirmation of a deeper bear trend since May 2022,” explained the Glassnode researcher.

BTC Price

At the time of writing, Bitcoin is trading around $87,200, down 13% over the last week.

Bitcoin Price Chart
The price of the coin seems to have plunged over the past few days | Source: BTCUSDT on TradingView
Featured image from Dall-E, Glassnode.com, chart from TradingView.com
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Keshav Verma
Keshav Verma

Keshav Verma

Keshav is currently a senior writer at NewsBTC and has been attached to the website since June 14, 2021.

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Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to.

In terms of official educational qualifications, Keshav holds a bachelor’s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions.

Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true.

Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn’t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment..

Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form.

Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new.

As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money.

Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn’t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs.

Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. On top of that, he also has a more traditional strength based program for the gym, which he does to maintain an overall fitness level of his body.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
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