The Silent Bitcoin Rally: All-Time High with Near-Zero Search Interest
While Bitcoin is smashing records, Google is hardly paying any attention. Similar to when Bitcoin was at $17K, $26K, and $54K, search interest is still at 17. Even though Bitcoin has now surpassed $100,000, market sentiment seems to be restrained, but the charts show otherwise.
An impending breakout is indicated by widening bid-ask spreads, which show that buyers are taking control. Even though Bitcoin has surpassed six figures, nobody is searching for it online. According to Alphractal data, search interest has recently dropped to just 17 points, which is comparable to when Bitcoin was trading at far lower rates.
No Hype, Just Gains: Bitcoin’s Silent Rally Continues After ATH
Instead of a period of euphoria, the lack of public enthusiasm indicates that Bitcoin is currently experiencing apathy or unbelief. This is consistent with Bitcoin’s quiet price behavior and steady drop since its all-time high (ATH) of $111K. A dramatic correction or euphoric spike might be required to rekindle retail interest if history repeats itself. Until then, Bitcoin’s ascent is still going strong, albeit quietly.
Bid-Ask Dynamics Point to Upcoming Bitcoin Rally
The spot market for Bitcoin is demonstrating intent, although attention is still limited. A measure of current buying and selling pressure, the difference between bid and ask prices, is increasing once more. A return to positive territory for the statistic will indicate buyer dominance. That change has come before significant price movements thus far. Widening spreads indicate a build-up of pressure in this situation. The changes in the order book may portend the next leg higher as buyers move in more forcefully and sellers retreat.
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