Cryptocurrency

Interest in BTC falls according to Google Trends

In these moments, the price of Bitcoin was close to US$ 9.500, which represents a net increase of US$ 165,87 in the last 24 hours. However, in these times almost no one has interest in BTC, as reported by Google Trends.

Google Trends is a tool which measures people’s interest in a topic, based on searches in Google. Therefore, according to your page, searches for Bitcoin have reached their lowest point within the last 6 months.

However, there are those who relish this idea. The reason is that, the last time there was so little interest in BTC within the searches of Google, it was just before its uptrend that took him from US$ 7,200 of up to more than US$ 10,000.

What other information gives us Google Trends about the interest of the people in BTC?

Other interesting data are of interest for the region. In these moments, the country where there is more interest in Bitcoin is Nigeria, followed by Benin and Liechtenstein. Then, we find Esuatini and Namibia.

Regions with a greater interest in Bitcoin, according to the number of Google searches. Source: Google Trends

Thus, within the top five, four of the countries with the most interest in Bitcoin are african. However, if we search by city, major cities that are interested in Bitcoin are: Lagos, Vienna, Munich, Berlin and Los Angeles. This demonstrates that Europe also has great interest in BTC.

What can explain this low interest in the criptomoneda leader?

The months of higher volatility are naturally the months in which more information is sought about Bitcoin, and it is natural. The people usually have interest in BTC when there are opportunities to view, either to enter or exit the market.

According to Google Trends, in 2020, the months with highest search for topics related to Bitcoin were march and may. March for the great fall that had Bitcoin in less than 24 hours, and in may by the expectations generated around the Halving of Bitcoin.

Graph of the price of Bitcoin in the last two weeks, in which you can see the slight fluctuations that have had, and that explain the low-interest search according to Google Trends. Source: CoinDesk

However, since June this criptomoneda has had a difficult time trying to surpass US$ 10,000. Therefore, on the scale of Google Trends, the interest has been maintained in 45 within a range from 1 to 100.

This reminds us to December 2019, when at this scale searches of Bitcoin were at a level close to 41. Then with the price increase that was close to the new year, this index increased as reflected on Google Trends.

Conclusion

We believe that the increase is the one that generates the interest in the criptomoneda, and not the indicator of Google which explains the price increases.

Instead, we can focus on other indicators such as the volume of market and even the activity within different exchanges, for comparison. Also, it is always recommended to keep a monitoring on the futures market, Bitcoin, and the institutional interest in investment products as the Grayscale Bitcoin Trust.

We can speak of a beginning of break-bullish short a time that BTC will exceed the level of US$ 10,000, and is kept there for a considerable time. Not before.

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About the author

Belinda Carey

Belinda Carey

A finance girl by education, Belinda has been drawn to cryptocurrencies ever since Bitcoin first emerged in the 2009. Nearly a decade later, Belinda is actively working to spread awareness about cryptocurrencies as well as their impact on the traditional currencies.

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