Bitcoin search interest is nearing its 1-year low as BTC price drops below $ 55,000

189
SHARES
1.5k
VIEWS
ADVERTISEMENT


Bitcoin (BTC) saw a much-anticipated retreat on October 13th as the bulls struggled with the old all-time highs from February.

BTC / USD 1-hour candle chart (Bitstamp). Source: TradingView

Analysts unimpressed by BTC’s price decline

Data from Cointelegraph Markets Pro and TradingView showed that BTC / USD fell briefly below $ 54,000 from the five-month high on Bitstamp.

Related articles

After the pair rebounded to around $ 55,000, the pair looked restless on Wednesday with no clear direction in the short term.

For analysts, however, the steps came as little surprise. $ 58,000 has been labeled a tricky resistance that probably wouldn’t break all at once, while an opportunity to buy the dip at $ 53,000 or below was also on the radar for many.

“This BTC pullback does not worry me at all,” summarized the trader and analyst Rekt Capital.

He added that such retest and consolidation would likely be a required feature for Bitcoin to solidify new support and continue to move toward existing all-time highs and beyond.

A similar opinion was shared by popular trader Pentoshi, who suggested that the higher low that could result from the pullback may be Bitcoin’s last before an attack on higher levels.

“Clear devaluation if 48,000 are lost,” he concluded in Twitter comments on Tuesday.

Lack of euphoria is a “pleasant surprise”

As Cointelegraph reported, Bitcoin has held back a bit, despite only hitting 15% of its all-time high.

Related: Do You Need Some Bitcoin Hopium? This chart calls for a new all-time high in BTC price by November

Google Trends data shows comparatively little interest in the bitcoin highs in the fourth quarter compared to earlier in the year.

Sentiment, while showing signs of greed, has not reached the extremes that traditionally characterize local and macroeconomic price spikes.

“Pleasantly surprised by the lack of euphoria as we approach $ 60K Bitcoin,” responded Charles Edwards, founder of asset manager Capriole, this week.

“Just like in October 2020.”

Worldwide Google search data for “Bitcoin”. Source: Google Trends