Bitcoin Google Search Volume Drops to Low Point: Does This Signal an Imminent Price Crash?
TradingKey - A drop in Bitcoin's Google search volume doesn't directly indicate a price decline. However, it does show bearish signals.
Recently, Bitcoin (BTC) reached $95,000. However, Google search interest did not rise—instead, it fell below 30, marking a long-term low. Does this unusual trend signal an imminent price drop?
Bitcoin search volume on Google. Source: Google Trends.
Hunter Horsley, CEO of Bitwise, attributes this anomaly to buyer dynamics, noting: "The price rise isn't driven by retail investors. Institutional buyers, advisors, corporations, and countries are entering the market."
While Google search volume reflects overall market interest, it doesn't directly indicate bullish or bearish pressures. The average Bitcoin futures funding rate, however, provides a clearer signal. According to Glassnode, the rate has dropped to around-0.023%, indicating a dominant short position, with futures contract prices falling below spot prices. This suggests weakening demand among bullish investors.
Additionally, Bitcoin's price chart shows strong bearish signals. Since April 25, Bitcoin surged past $95,000 but failed to sustain that level, with prices continuing to decline and hitting new lows. This pattern reflects persistent bearish momentum, as bulls struggle to regain control.
Bitcoin price trend chart. Source: TradingView.
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