Google trend: the highest level of “Bitcoin” searches this year as the currency soared to $19,400


November 16, 2020

The price of Bitcoin (BTC) extended its gains, soaring to $19,412 earlier today, a new high for the year.

Determining the actual all-time high for Bitcoin is somewhat controversial because different exchanges list different data. For example, bitcoin peaked at $19,892 on Coinbase, compared with $19,891 on BitMEX and $19,799 on Coinbase. So, for most traders, $20,000 is probably the key price to ensure that Bitcoin reaches an all-time high.

The price of Bitcoin broke through the $19,000 mark faster than many had expected, especially after it plunged to $18,000 on the night of November 23. XRP, meanwhile, fell 30 per cent in Coinbase after rising to $0.92.

Trading sentiment took a significant hit as bitcoin prices lost momentum on Nov. 22 and Nov. 23 and traders anticipated that The currency could again test support below $18,000, according to The TIE, a social analytics data platform.

Joshua Frank, founder of The TIE, said:

"The daily sentiment score measures how positive or negative an investor has been over the past 24 hours, rather than a 20-day rolling window. This indicator (daily sentiment) has been at a positive level (above 50) since November 16, when bitcoin was close to $16,000. For daily mood scores to remain positive, that means investors must keep getting more and more positive. So if investors have been reasonably motivated in the last 20 days, they must have been more motivated in the last 24 hours to stay above 50."

That suggests that despite a sharp correction in bitcoin prices, such as $18,000 or less, most people who invest in or track bitcoin prices remain extremely optimistic about the future of the digital asset compared with historical price and sentiment data.

Google searching for Bitcoin at 2020 high source: Google trends

Google trend data also shows that the number of searches for the word "Bitcoin" today reached its highest level of 2020 as the price of Bitcoin rose above $19,000, but that number is still well below the December 2017 high.

What's next for bitcoin prices?

BTC/USDT 4-hour chart Source: TradingView

As the 4-hour chart shows, bitcoin's surge to $18,000 created a double bottom at a key support level, with bulls intervening to buy at this low in three consecutive high volumes.

As of this writing, the price of Bitcoin has fallen back to its lowest support level of $18,900, and if that level cannot be maintained, the next support level is $18,650, just above the 20-day moving average and the high volume node on the VPVR.

Similar to a rally to $18,000, a period of consolidation and building support is normal and healthy for maintaining an uptrend.
Matt Blom, EQUOS's global head of sales and trading, said:

"Bitcoin is on track to hit a new all-time high, and while it's close, it's unlikely it hasn't broken the record set in 2017. With the lack of resistance above, thinking shifts to the next key upside target. Based on the Fibonacci correction, we believe the target is $29,100."