It is important to note that Bitcoin is one of the most popular cryptocurrencies in the world. Moreover, it retains the status of the biggest cryptocurrency when it comes to market cap. Despite all of the achievements, Bitcoin is struggling to gain attention based on search results.
Moreover, searches for words such as Bitcoin and cryptocurrencies declined in comparison with summer.
For instance, during the famous bull market of 2017, people searched for Bitcoin and cryptocurrencies. Furthermore, as the interest in Bitcoin increased at that time, the Google Trends scale reached 100.
To this day, it never came close to replicating this success since 2017. Currently, interest is not as high as it used to be in the past.
It not only Google, which experienced this trend as cryptocurrency searches also fell on Yahoo Search. In comparison with 2018, this year’s searches decreased by 65%.
Institutional investors are also losing interest in the technology according to the Tie’s findings. The Tie is a research and data provider.
Nevertheless, the interest for the “Bitcoin halving” continues to rise as in less than one year, this event will have a huge impact on Bitcoin.
Bitcoin’s price on Wednesday
On December 24, it was unable to strengthen its position as the price declined below the $7,700 resistance area.
Additionally, the price traded below the $7,400 and $7,300 support level. Bitcoin’s price struggle to stay above the $7,260 support level.
Unfortunately, the price continued to fall, and the low was formed near $7,159. There was a chance that a short-term contracting triangle could form near the $7,240.
Furthermore, it had to break the resistance levels above $7,240 and $7,300. As a result, this could signal the beginning of a decent upward move. Interestingly, the next key resistance level was near $7,400. On December 25, Bitcoin’s price was $7,218.
COMMENTS