Google Trends shows ‘Bitcoin’ searches at 2020 high as BTC tops $19.4K

Today Bitcoin (BTC) price extended its rally toward a new all-time high as the price surged to $19,412 in the morning trading session.

Daily cryptocurrency market performance. Source: Coin360

Determining the actual all-time high for BTC is somewhat debatable as various exchanges have different figures listed. For example, Coinbase has registered $19,892 as Bitcoin’s peak, whereas BitMEX and Binance have $19,891 and $19,799 respectively. Thus, for most traders, $20,000 is likely to be the primary focal point that will solidify BTC reaching a new all-time high.

Pushing through the $19,000 level occurred quicker than many expected, especially after Bitcoin price plummeted to $18,000 in the evening hours on Nov. 23. This drop was nearly in tandem with XRP’s 30% drop at Coinbase after the altcoin pumped to $0.92.

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

Data from TheTie, a social analytics data platform, shows that as Bitcoin price lost momentum on Nov. 22 and Nov. 23, trading sentiment took a noticeable hit when traders anticipated a possible retest of lower supports in the sub-$18,000 zone.

Bitcoin price vs daily sentiment score. Source: TheTIE

According to Joshua Frank, the founder at TheTIE:

“The daily sentiment score looks at how positive or negative investors have been over the last 24 hours versus a rolling 20-day window. This metric (daily sentiment) has been positive (above 50) since Nov. 16 when Bitcoin was near $16K. For the daily sentiment score to remain positive, that means that conversations must continually get more and more positive. So if investors are positive over the last 20 days, they must be even more positive over the last 24 hours for the score to stay above 50.”

This suggests that regardless of strong pullbacks to say $18,000 or below, the majority of people investing in or tracking Bitcoin price still feel overwhelmingly bullish about the digital asset’s prospects when compared to historical price and sentiment data….

Read More