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Google Trends shows that BTC is over $ 19.4K and Bitcoin searches are high in 2020

 


Today, Bitcoin (BTC) prices have risen towards record highs as prices soared to $ 19,412 in the morning trading session.

Daily cryptocurrency market performance. Source: Coin360

Determining the actual highest ever BTC price is somewhat controversial, as different numbers are listed on different exchanges. For example, Coinbase has registered $ 19,892 as the peak for Bitcoin, while BitMEX and Binance are $ 19,891 and $ 19,799, respectively. Therefore, for most traders, $ 20,000 could be the main focus to solidify BTC and set a new record high.

Pushing up the $ 19,000 level happened earlier than many expected, especially after the Bitcoin price plummeted to $ 18,000 on the evening of November 23.

Bitcoin price and sentiment chart (hourly). Source: TheTIE

Bitcoin prices lost momentum on November 22nd and 23rd, according to data from social analytics data platform The Tie, allowing traders to retest the decline in support in zones below $ 18,000. When I did, my trading sentiment was noticeably hit.

Bitcoin prices and daily emotion scores. Source: TheTIE

According to Joshua Frank, founder of TheTIE:

The daily sentiment score compares the positive or negative situation of investors over the last 24 hours with the 20-day rolling window. This indicator (daily sentiment) has been positive (more than 50) since November 16th, when Bitcoin was close to $ 16,000. This means that the conversation needs to be more and more positive in order for the daily emotional score to remain positive. Therefore, if an investor has been positive in the last 20 days, he must be more positive in the last 24 hours in order for the score to continue to exceed 50.

Despite a strong pullback of less than $ 18,000, the majority of people investing in or tracking Bitcoin prices are still overwhelmed by the outlook for digital assets when compared to historical prices and sentiment data. It suggests that you feel bullish.

Google’s search for Bitcoin reached its 2020 highs.Source: Google Trends

Searches for the term Bitcoin also hit 2020 highs today as prices rose above $ 19,000, according to Google Trends data, but this number was the highest seen in December 2017. It’s far from the value.

What’s Next for Bitcoin Prices? BTC / USDT 4-hour chart. Source: TradingView

As shown in the 4-hour chart, when Bitcoin flashed out to $ 18,000, a double bottom was created to the right of the key support, and Bull bought a dip with a large number of spikes three times in a row. ..

At the time of this writing, the price has already been lowered to return the support below to $ 18,900, and if this level is not maintained, the next support will be $ 18,650, with a large number of 20-MA and VPVR nodes. It is slightly higher.

As with the move up to $ 18,000, the build period for integration and support is normal and healthy to maintain the momentum of the uptrend.

According to Matt Brom, Head of Global Sales Trading at EQUOS

Bitcoin is focused on breaking record highs, and while it seems very unlikely that it will be this close, it cannot break the 2017 record. Due to the lack of overhead resistance levels, the idea is directed to the next important upward goal. With the Fibonacci retracement level, you will see a goal of $ 29,100 and move 1.618 from $ 4,644 to $ 19,447 price points.

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