This is not all Rosie in the last week, but the digital asset market has reacted quite well to the introduction of Donald Trump’s new administration. In particular, the price of bitcoin has been able to cloudy uncertain storm in the cryptocurrency market over the last few days.
While the premiere cryptocurrency may slow down in recent times, the latest on-chain observation suggests that BTC is likely to continue agitation. It is mentioned here how the token can cost for another leg in the coming weeks.
What is the place for further BTC price increase?
In the post of 24 January on X platform, Market Intelligence firm Glasode Explained That the price of bitcoin is not yet overheat and still has further growth capacity in the next few weeks. The on-chain revelation is based on the Mayor Multiple Indicator, which is calculated as a ratio between asset price and 200-day moving averages (200DMA).
The mayor measures many to the distance of bitcoin value from its long -term average to estimate overbott and oversold conditions. This metric is also used to install macro bull or bear bias when analyzing cyclic value movements.
Historically, the mayor indicates several overbot market status and a potential value at the top when its value is above 2.4. On the other hand, a mayor below 0.8 suggests several values an oversold position and that a market may be in the floor.
Source: Glassnode
According to Glasanode data, the mayor of bitcoin is 1.37, showing that the premiere cryptocurrency is still quite far away from the overbott area. This piece of data implies that BTC still has space for further increase in this cycle. In addition, the price of bitcoin is at least 35% above the 200-day moving average, a rapid signal.
Glasanode highlighted that the price of bitcoin would need to grow above $ 180,000. This price level represents the potential peak for the major cryptocurrency in this current cycle and can be reversed after that. With oversold threshold at 0.8, the mayor ranks approximately $ 60,000 below several bitcoin value.
Since crossing the mark of $ 100,000, the price of bitcoin has not been particularly impressive, causing a price top of the market. This indicator provides insight into the possible path of Premier Cryptocurrency in the next few months to some extent.
Bitcoin price at a glance
As this writing, the price of bitcoin is less than $ 105,000, which is not a significant movement in the previous day.
The price of BTC on the daily timeframe | Source: BTCUSDT chart on TradingView
Specially displayed image from ISTock, chart from tradingview
