RE: Bitcoin Spiking Has Google Searches Exploding
Bitcoin Spiking Above $10,300 Sends Google Search Volumes Exploding
“Bitcoin saw a massive movement today that led the cryptocurrency to reclaim its position within the coveted five-figure price region, with the latest rally allowing BTC to set fresh 2020 highs at $10,400.
One byproduct of this rally has been an explosive surge in search volumes for the phrase ‘buy Bitcoin,’ which is an indicator that retail investors may be on the brink of ‘fomoing’ back into the nascent market.
The last time this occurred was in 2017, when BTC saw a meteoric rise that allowed it to climb to its all-time highs of nearly $20,000 – a movement that was almost entirely fueled by neophyte retail investors rushing into the markets at an insanely rapid pace.”
- Bitcoin is at its most overbought level since December 2017, according to the three-day chart’s money flow index.
- If prices fail to establish a foothold above resistance at $10,350, a correction to $9,800 may be seen.
- The overall trend will remain bullish as long as prices are holding above support below $9,100.