Bitcoin Google Queries Slumps to 2020 Low Amid Struggling Price

Updated:

As Bitcoin (BTC) continues to struggle, the number of Google searches for the benchmark cryptocurrency has plummeted to its lowest level since late 2020.

Meanwhile, the Bitcoin Fear and Greed Index has settled in “fear” territory, despite Bitcoin’s commendable performance over the past few days.

While whale accounts continue to transact heavily with BTC, the latest report from Google Trends shows the retail demand for the cryptocurrency has slumped to multi-month lows.

Typically, the number of searches on the behemoth search engine directly correlates with the behavior of smaller investors, who tend to flood the market during substantial bull runs. This was the case when BTC spiked to $20,000 in 2017 and the late 2020 rally above $20,000.

However, the number of searches receded in the year-long bear market after 2017’s bull run. A similar trend occurred in 2021 when the benchmark cryptocurrency went on a tear in April and later in November when it tapped the $69,000 all-time high.

However, BTC began one of its worst bear rallies ever since, which led to a 50% decline to $33,000 in January within six months. Not surprisingly, Google Trends data shows that the “Bitcoin” queries have slumped to pre-December 2020 levels.

Key Bitcoin Levels to Watch — April 21

Bitcoin resumed its bullish momentum on Thursday, as the benchmark cryptocurrency painted a new multi-week high at $42,400. This rally comes shortly after a retrace to the $41,000 support from the $42,000 psychological point yesterday, which BTC lacked the conviction to break.

Studio Project 79
BTCUSD – 4-Hour Chart on Gemini. Source: TradingView.

Today, however, the benchmark cryptocurrency is set to close a 4-hour candle above this mark, which should foster a push to the critical $43,000 resistance over the coming hours.

As mentioned previously, a break above the $43,000 level should lock in a bullish market bias and catapult BTC to the $48,000 top. In the meantime, any bearish attempt will get rejected by the shorter ascending trendline at the $41,000 region.

Meanwhile, my resistance levels are at $43,000, $44,000, and $45,000, and my key support levels are at $41,000, $40,000, and $39,000.

Total Market Capitalization: $1.94 trillion

Bitcoin Market Capitalization: $803.5 billion

Bitcoin Dominance: 41.3%

Market Rank: #1

 

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.