Bitcoin’s Mayer Multiple Indicates $103,000 Price Not Overheated, Signaling Further Upside Potential
As of August 12, 2025, Bitcoin's price has reached $103,000, yet key quantitative metrics suggest the cryptocurrency remains far from overheated territory. According to analyst Frank, the Mayer Multiple—a crucial indicator comparing BTC's spot price to its 200-day moving average—shows a z-score still below historical averages. This implies that despite recent bullish momentum, Bitcoin's valuation retains room for growth before entering traditionally overbought conditions. The 200-day moving average, a widely tracked benchmark for long-term trends, continues to support the case for sustained upward movement. Market observers are now closely monitoring whether this metric will confirm a new phase of expansion or signal caution as Bitcoin tests uncharted price levels.
Bitcoin's Mayer Multiple Suggests $103,000 Price Not Overheated, Quant Notes
Bitcoin's current price of $103,000 appears relatively cool when analyzed through the lens of the Mayer Multiple, a key indicator tracking the ratio between BTC's spot price and its 200-day moving average. Quant Frank highlights that the metric's z-score remains below its historical mean, suggesting the cryptocurrency isn't yet in overheated territory despite recent gains.
The 200-day moving average serves as a critical demarcation between macro bull and bear markets. By measuring Bitcoin's distance from this benchmark, the Mayer Multiple provides insight into whether the asset is trading at sustainable levels or entering speculative froth. Current readings imply room for further upside before reaching historically stretched valuations.
Bitcoin Decouples from Gold as Liquidity Shifts
Bitcoin's correlation with Gold has collapsed to -0.54, marking a dramatic divergence in haven asset dynamics. The decoupling comes as BTC maintains its grip above $100,000, with on-chain data showing shrinking exchange supplies and subdued whale activity.
Market structure suggests sustained accumulation, with Glassnode noting the breakdown of Bitcoin's traditional relationship with the precious metal. The detachment reflects crypto's evolving role in institutional portfolios—no longer just digital gold, but a distinct asset class commanding dedicated allocation strategies.
El Salvador's Bitcoin Holdings Surge to $644 Million Amid BTC Rally
El Salvador's bold bet on Bitcoin has yielded a $357 million unrealized profit as the cryptocurrency approaches record highs. The nation's 6,181 BTC stash, now valued at $636 million, stands as a testament to President Nayib Bukele's conviction in digital assets.
Market observers view this as a pivotal case study for institutional adoption. "From volatility to victory," Bukele tweeted, highlighting the 122% return on the initial $287 million investment. The gains coincide with Bitcoin's march toward all-time highs, reinforcing El Salvador's first-mover advantage among sovereign holders.
Bitcoin’s Fate May Hinge on June 9 Technical Signal, Analyst Says
Bitcoin hovered NEAR $103,000 during European trading hours after failing to breach the $107,100 resistance level Sunday night. The retreat hasn’t shaken market technician Dr. Cat (@DoctorCatX), who identifies the weekly close on June 9 as the critical juncture. A bullish Ichimoku crossover—Tenkan-sen above Kijun-sen—could cement Bitcoin’s trajectory.
In a May 19 post, the analyst dismissed short-term volatility as noise, noting the absence of support breaks despite a red 4-hour candle. "Consolidation is routine," he asserted, emphasizing the significance of the $99.9K level as a potential springboard. The commentary underscores a divide between reactionary traders and those focused on higher-timeframe technicals.
JPMorgan to Offer Bitcoin Access Without Custody, CEO Dimon Maintains Skepticism
JPMorgan Chase & Co. will soon enable clients to buy bitcoin through the bank, though it won't provide custody services, CEO Jamie Dimon announced during the firm's annual investor day. The move marks a cautious step into crypto for the Wall Street giant, which will include Bitcoin holdings on client statements.
Dimon reiterated his longstanding criticism of Bitcoin, maintaining that the cryptocurrency "does nothing" and lacks intrinsic value. His comments at the 2024 World Economic Forum in Davos compared Bitcoin to a "pet rock" and "hyped-up fraud," while citing concerns about its potential use in illicit activities.
The bank's decision to offer Bitcoin access while refusing custody reflects the financial industry's conflicted relationship with digital assets. Institutional adoption continues growing despite regulatory uncertainty and prominent skeptics like Dimon, who emphasized his personal views remain unchanged.
Bitcoin Posts Record Daily and Weekly Closes — Is a Breakout Imminent?
Bitcoin set a new weekly close at $106,454 on Binance, eclipsing its previous high of $104,463 from December. The daily close also inched up by 0.29%, reflecting steady bullish momentum. On-chain data reveals this rally was preceded by strong accumulation at the $94K level in early May, with spot demand fueling the uptick.
Despite whale caution signaled by the 180-day Open Interest Delta, the Spot Cumulative Volume Delta for Coinbase and Binance shows growing bullish momentum since mid-April. Liquidation heatmaps suggest a short-term dip may be overdue, but buyer conviction remains firm.
