Interest in bitcoin is waning, according to the latest Google searches.
Is Google Interest in BTC Falling?
According to statistics from Google Trends, there haven’t been that many searches on the term “bitcoin” as of late. In fact, these and related searches are at their lowest points since December of last year, which is right before bitcoin began its meteoric rise past the $10,000 mark (it attained this figure in February).
The situation presents something of a catch 22 in the sense that while people may not be searching for or looking up bitcoin like they used to, this could be what prepares the asset for another major bull run. When the currency’s stats were last at this level, bitcoin shot beyond the five-figure mark in roughly one month. From early January – when it was initially trading for about $6,900 – to roughly mid-February, when the asset rose to about $10,300 – people weren’t looking it up on the internet the way they had in the past.
This could have given the world’s number one cryptocurrency by market cap the time it needed to recuperate and bring itself back up. A little time away from the public eye can do wonders for anyone or anything looking to revamp itself, and it appears this is exactly what happened with bitcoin. With nobody wondering or thinking about it for a few weeks, the asset was able to experience the price boost it needed that would ultimately prove as its staple position for the year 2020.
As of late, bitcoin has been moving beyond where it stood just a few days ago ($9,100), so perhaps the pattern is already repeating itself. Since late May, bitcoin really hasn’t moved much, and while it’s remained above $9,000 for the most part, the price maneuvers of the world’s number one cryptocurrency haven’t been anything worth discussing.
Maybe It Needs Some Time Alone
However, bitcoin was a common subject of news and conversation amongst those who were interested in the third halving. In addition, the asset had been the subject of a major drop due to the coronavirus, which likely also caused it to experience a newfound sense of publicity. With so much interest and discussion centering around bitcoin, the currency did not have the same status as it does now. It was constantly in the limelight, and every time it made the slightest step forward or backward, people were all over it.
Now that this is easing up a bit, it looks like bitcoin is already on the path towards recovering and regaining what it has tried to earn back since February. The currency has meandered into more bullish territory over the past few days, having jumped beyond the $9,300 mark for the first time in several days, so perhaps the best thing we can do for bitcoin right now is to leave it alone.