Interest in Bitcoin (BTC) reaches the level that most recently occurred during its recovery from the March downturn when the hype around the halving finally abated.
According to the latest data from Google Trends as of May 30th Search interest returned to the same position as in mid-April. At this momentThe BTC / USD pair rose from $ 6,800 to over $ 10,000 in the next three weeks.
BTC avoids “halving hype”
Google Trends shows that general interest in Bitcoin has declined rapidly since halving May 11.
As Cointelegraph reported It was this event that, given the ongoing economic uncertainty around the world, led to an increase in general interest.
The price reached USD 6,800 days before the halving date. In contrast, the markets did not “sell big after halving” after miners’ rewards fell 50%.
Three weeks later, sentiment seems to be normalizing again, as several indicators point to the start of a new upward phase for Bitcoin.
Google searches for “Bitcoin” worldwide. Source: Google Trends
Markets become neutral
The signs of stabilization can be seen in instruments such as the Fear and Greed Index, which measures market sentiment using a basket of factors.
After moving from “extreme fear” to “greed” along with the price, the index now appears to be stabilizing in the “neutral” area.
Together with the, Exchange rate balances remain at their lowest level since the minimum price in December 2018, which could be another sign that investors don’t intend to sell in the short term.
Graph of the Fear and Greed Index in 3 months. Source: Alternative.me
From a broader perspective, as Cointelegraph noted this week, analyst Positive Crypto believes that it actually does The entire period since the BTC / USD pair’s historic highs in 2017 was a “consolidation structure”.. Positive Crypto, which lasted nearly 900 days this week, said it was time for the trend to break.
At the time of going to press, Bitcoin was circulating around $ 9,500, a key focus of the past month.