Bitcoin is about to retake its 200-day moving average, and markets are still far from overheated.
Bitcoin price strength has endured as the week gets underway, the largest cryptocurrency putting in its highest levels of 2022 overnight.
Some key moving averages have also fallen to bulls, and while the trend is not yet definitive, optimism is increasing that Bitcoin could evenNext in line, meanwhile, is the 200-day moving average , currently at $48,300 and just tapped in the past 24 hours. The 200DMA is a key component of the Mayer Multiple metric, which measures spot price ratio to it in order to determine potential profitable market entry points.
A score below 2.4 on the Multiple tends to signal good long-term rewards for investors. Having bottomed in January at around 0.76, its trend has reversed since, and as of Tuesday — almost right at the 200MA — Bitcoin has a Mayer Multiple score of 0.98. "That's a good time to buy," Ecoinometrics argued in comments, adding that even if a breakout from the 200DMA ends up being a bull trap, losses in such situations have historically been"small.""When it comes to these strategies with asymmetric returns you have to be systematic."Those macro tensions, which include inflation and central banks' attempts to fight it with monetary policy tightening, remain a key topic of debate this month.
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