CandleFocus Google Search for "Bitcoin" at a yearly low
2024-10-18
Author: Content Editor
Despite Bitcoin's impressive price increase and market cap growth, Google search interest for Bitcoin has dropped to a yearly low of 33, compared to 34 during the same period last year. This decline in search interest is puzzling considering the bullish trends usually observed in October, also known as "Uptober" in the crypto community. One possible explanation is that this rally is being driven more by institutional investors who are focused on Bitcoin's long-term potential rather than short-term speculation. The lack of retail FOMO and the increase in short interest suggest that traders are preparing for a potential pullback and are cautious due to regulatory uncertainties and concerns over a possible recession. However, Bitcoin's technical strength and underlying institutional demand may indicate that there is still room for growth.
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