Google Trends shows peak year in Bitcoin searches with BTC’s rise to $19,400

Google Trends data show that Bitcoin searches peaked annually, while the price of BTC rose to $19,400.

Google Trends shows annual peak in Bitcoin searches with BTC rising to $19.4 million
The price of Bitcoin (BTC) extended its all-time high on November 25, with the price rising to $19,412 in the morning trading session.
Daily performance of the crypto market. Source: Coin360
Determining the actual all-time high for BTC is somewhat debatable, as different exchanges have different numbers listed. For example, Coinbase recorded $19,892 as the peak of Bitcoin, while BitMEX and Binance have $19,891 and $19,799 respectively. Thus, for most traders, $20,000 is likely to be the major focal point that will solidify the BTC’s record set.

The rise above the $19,000 level occurred faster than many expected, especially after the price of Bitcoin plummeted to $18,000 on the night of November 23. This fall was almost in tandem with the 30% drop in XRP at Coinbase after altcoin reached US$0.92.
Bitcoin price and sentiment graph (hour by hour). Source: TheTIE
Data from TheTie, a social media data platform, shows that as the price of Bitcoin lost momentum on 22 and 23 November, trading sentiment struck a perceptible blow when traders anticipated a possible retest of lower media in the under $18,000 zone.
Bitcoin price versus daily sentiment score. Source: TheTIE
According to Joshua Frank, founder of TheTIE

„The daily sentiment score analyzes how positive or negative investors have been in the last 24 hours compared to a continuous 20-day window. This metric (daily sentiment) has been positive (over 50) since November 16, when Bitcoin was close to $16,000. For the daily sentiment score to remain positive, this means that conversations must become increasingly positive. So if investors are positive in the last 20 days, they must be even more positive in the last 24 hours for the score to be above 50“.
This suggests that regardless of strong setbacks at, say, $18,000 or less, most people who invest or track the price of Bitcoin still feel extremely optimistic about the digital asset outlook when compared to historical price and sentiment data.

Google searches for Bitcoin peak in 2020. Source: Google Trends
Google Trends data also show that searches for the term „Bitcoin“ also hit a high in 2020 on Tuesday, with the price rising above US$19,000, but the figure is far from the high seen in December 2017.

What next for the price of Bitcoin?

BTC/USDT 4-hour chart. Source: TradingView
As shown on the four-hour chart, the Bitcoin flow for $18,000 created a double bottom on the right on the main stand, and the hoists stepped in to buy the dive with three successive high-volume peaks.

By the time this article was written, the price had already retreated to test the lower support again at $18,900 and if this level does not hold, the next support is at $18,650, which is slightly above the 20-day MM and a high-volume node on the VPVR.

Similar to the move to $18,000, a period of consolidation and support construction is normal and healthy to sustain momentum in an upward trend.

According to Matt Blom, head of global sales at EQUOS:

„Bitcoin is focusing on reaching a new historical record and it seems highly unlikely that, having come so close, it will not break the 2017 record. With resistance levels scarce above the head, thoughts turn to the next important target. Using the Fibonnaci retracement levels, we see $29,100 as the target, with a move from $1,618 from $4,644 to $19,447 price points as our base. ”

La tasa de transacción de Bitcoin se vuelve barata a medida que Mempool se libera

  • Las transacciones de Bitcoin son ahora más baratas, ya que el número de transacciones no confirmadas en el mempool ha bajado.
  • Actualmente, la tarifa media de las transacciones es de 7,8 dólares por Bitinfocharts.

Las transacciones de Bitcoin son ahora más baratas que en las últimas semanas debido a la congestión en el Mempool de la red. El pico en el número de transacciones no confirmadas siguió a la reciente disminución de la tasa de hachís de la red, causando que los usuarios paguen más a los mineros en la tasa de prioridad para acelerar las confirmaciones. Sin embargo, el Mempool está ahora claro tras el reciente pico en el hashrate de Bitcoin.

Esto también ha reducido las tasas de transacción a un nivel razonable.

Las transacciones de Bitcoin son ahora baratas

La tasa de hachís de bitcoin comenzó a disminuir a mediados de octubre a 90,6 EH/s el 27 de octubre, lo que estaba relacionado con la migración estacional de los mineros en China. Entre el 9 y el 10 de noviembre, la tasa de hachís creció un 42 por ciento hasta 159,2 EH/s, según Coinwarz.

Una vez más, se asumió que los mineros de Bitcoin en China podrían haber completado su migración y están reanudando sus operaciones. Actualmente, la tasa de hachís ha sombreado algunos puntos hasta 118,7 EH/s.

Tras el repentino aumento de la potencia de hashing de Bitcoin, el número de transacciones no confirmadas de Bitcoin en el Mempool disminuyó significativamente. Quizás, esta es una buena noticia para los grandes usuarios de Bitcoin ya que habrá menos competencia para que las transacciones se registren en nuevos bloques. Por lo tanto, los mineros pueden ser confirmados y mapear transacciones en los bloques con la tarifa estándar, sin importar el tamaño de la transacción.

Bitcoin Mempool ahora está despejado

El 30 de octubre, hubo más de 140.000 transacciones Bitcoin sin confirmar en el Mempool, con una media de 13,16 dólares, según Bitinfocharts. Sin embargo, las transacciones no confirmadas en Mempool han bajado a 3718 (2,23 MB), según mempool.observer. Asimismo, la tarifa media de las transacciones de Bitcoin se redujo a 7,8 dólares, según los datos proporcionados por Bitinfocharts.

Chainalysis: Already 3,700,000 Bitcoin lost forever

The amount of Bitcoin is known to be limited. But how big is the percentage of lost BTC? Chainalysis gets to the bottom of this question and sees the increased number of institutional investors as a price driver.

There are many myths about lost bitcoins . The blockchain analysis company Chainalysis has come to a highly remarkable result in their search for reasons for the BTC price rally 2020.

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In his new reportthe company says there are currently about 14.8 million Bitcoin in circulation. In addition, however, there is a considerable amount of BTC, to which there is no longer any access. According to the current state of knowledge, this is 3.7 million Bitcoin worth about 66.5 billion dollars. They are forever lost and no longer available to new buyers. The loss can be for completely different reasons have lost private keys, lost hardware wallets or hard drives to deceased owners who have not passed the access on.

How large is the proportion of hardcore hodlers who do not touch their Bitcoin assets „on principle“, so to speak? Basically one can only speculate about that. The Chainalysis Report makes at least one approximation hypothesis and in any case sees some parallels to the BTC price increase in 2017.

Share of institutional BTC investors is growing

At the moment he sees the amount of liquid Bitcoins as high as during the price rally in 2017. But the amount stored in so-called ‚illiquid‘ wallets is much higher than then and currently makes up 77 percent of the 14.8 million Bitcoin. ‚Illiquid‘ wallets are not classified as lost. Chainalysis uses this term when the BTC has not been transferred from its current address in five years or more. Mostly institutional investors are assumed to be behind this.

Conversely, this high proportion of ‚illiquid‘ BTC means that if demand increases, buyers will have a pool of only 3.4 million Bitcoin. However, demand is increasing, as the Chainalysis report clearly shows. Trading intensity measures the number of times that every Bitcoin deposited on an exchange is traded there before it leaves the platform. It is currently 38 percent above the 180-day average.

The report may not give a forecast of how long the price will rise. But he sees positive signals for the cryptocurrency.

Bitcoin’s monthly candle closed above $13,000 for the first time since 2017

The monthly Bitcoin price candle closed above $13,000 for the first time since 2017, when BTC reached its all-time high of nearly $20,000.

Bitcoin’s monthly candle (BTC) for October closed above $13,000 for the first time since December 2017. This comes after the daily and weekly candles closed above the crucial resistance level.

Traders often use the monthly logarithmic chart to evaluate the macro and long term trend of an asset. On a monthly chart, each candle represents a full month of trading activity. As such, a Bitcoin monthly log chart usually covers many years of activity.

Getting Back to Normal: US Macro Events Probably Won’t Completely Derail Bitcoin Price Gains

The monthly chart is considered one of the main charts for longer time frames next to the weekly chart. A clear break above a major level, such as USD 13,000, on the monthly chart signals a technical break.
The Bitcoin monthly chart. Source: TradingView.com
Exceeding $13,000 means $20,000 is close

As Cointelegraph reported earlier, Cathie Wood of Ark Invest emphasized the importance of the $13,000 level.

Wood, who manages USD 11 billion in assets under management at Ark Invest, said there is little resistance between USD 13,000 and USD 20,000. This means that if Bitcoin comes out of a longer time frame chart, the probability of going up to a new high could be higher. She said:

She said: „That [level] of USD 13,000 is important because if we break it, then, in technical terms, there would be very little resistance and we would probably be on our way back to the peaks we saw in late 2017, so, around USD 20,000. Now, we’re not sure if that’s going to happen. We could remain in a new trading range, only at a slightly higher level than the last six to 10.

Although the Bitcoin price reached USD 20,000 in 2017 and USD 13,970 in 2019, the monthly candlestick never closed above USD 13,000. That’s because BTC experienced strong rejections during both peaks, rejections that later shook the market.

Bitcoin reaches USD 14,000 for the first time since January 2018, so what’s next?

The recent rise is particularly optimistic as it has shown a more sustainable trend similar to an upward ladder. As the price rose, it established clear support levels, which made the movement more stable.

What do traders expect in the short term?

In the immediate future, traders are preparing for a small setback. Technically, the Bitcoin monthly chart closed significantly above the key short-term moving averages.

Bitcoin is only 4 days away from a historically high price of $10,000

A pseudonymous trader known as „Loma“ said that BTC would probably fall to about USD 13,100 and resume the rally. The 5-day moving average on the Bitcoin monthly chart is at USD 12,256, so a drop to USD 13,000 would be healthy for the movement. Loma wrote:

„The game plan is that we’re going to explode at $BTC to USD 12,900 – USD 13,000, which is enough for the shorts to build up waiting for a new test of the USD 12,000 – USD 12,400, then use them as nuclear fuel to drop the larger bearnuka candle upwards leaving the shorts in Landia Liquidation“.

Similarly, Michael van de Poppe, a full-time trader at the Amsterdam Stock Exchange, said a drop below $12,000 could also occur.

Declining volumes on the DEX show that DeFi investors are returning to Bitcoin

As Cointelegraph reported, a drop in the Bitcoin price as we enter November would put even more pressure on the altcoin market. Bitcoin has absorbed most of the volume of the cryptcoin market, which means that if BTC drops, the selling pressure on altcoins would probably intensify.