{"id":50710,"date":"2019-11-24T16:22:44","date_gmt":"2019-11-25T00:22:44","guid":{"rendered":"https:\/\/drduru.com\/onetwentytwo\/?p=50710"},"modified":"2019-11-25T01:26:41","modified_gmt":"2019-11-25T09:26:41","slug":"bitcoin-waning-interest-weighing-down-the-price","status":"publish","type":"post","link":"https:\/\/drduru.com\/onetwentytwo\/2019\/11\/24\/bitcoin-waning-interest-weighing-down-the-price\/","title":{"rendered":"Bitcoin: Waning Interest Weighing Down the Price"},"content":{"rendered":"\n

The Price Action<\/strong><\/h3>\n\n\n\n

The excitement did not last.<\/p>\n\n\n\n

On October 25th and 26th, Bitcoin (BTC\/USD) soared out of nowhere, and it interrupted my expectation for an imminent opportunity to accumulate for Bitcoin in the $6500-7000 range<\/a>. That opportunity is finally here as a month-long slide accelerates.<\/p>\n\n\n\n

\"Bitcoin
Bitcoin (BTC\/USD) took almost a month to reverse the sharp spike higher in late October. Bitcoin now trades at a 6-month low that marks a 5-month sell-off from the late June peak.
Source: Tradingview.com<\/a><\/strong><\/figcaption><\/figure><\/div>\n\n\n\n

Wavering Signals from The Google Trends Momentum Check<\/strong><\/h3>\n\n\n\n

The spike in late October looked like it could mark a bottom for Bitcoin. Google Trends for “Bitcoin”<\/a> soared along with the price. The parallel surge in search interest suggested that the buying interest would be sustained. Unfortunately, that interest shut down as quickly as it turned on. The subsequent and extended decline quickly invalidated the bottoming signal. <\/p>\n\n\n\n

\"Since
Since June, Google Trends for Bitcoin suggests overall interest in Bitcoin has been lukewarm. Recent spurts of interest have paled in comparison to the June surge which marked the most recent top in Bitcoin.
Source: Google Trends<\/a><\/strong><\/figcaption><\/figure><\/div>\n\n\n\n