Bitcoin News

Bitcoin search results coincide with a possible rally towards $8,500

Bitcoin search results have increased as more people get interested to know what is next for the Bitcoin price. Data from Google Trends indicates Bitcoin search has increased as more people get interested to know what next for the Bitcoin price. Search trend data indicates that search interest for cryptocurrency has hit a 14 month high recently.

Google data indicates that the search for the term “Bitcoin” increased the same way it was in February 2018 when cryptocurrency was trading between $8,000 and $11,000. This suggests there is a rough connection between Bitcoin search results and the price of the king coin.

Bitcoin has been on upward move over the past weeks. From early-April, it has moved from $4,200 to $8,350, and it’s seemingly expected to reach $8,500.

The four-hour chart indicates that Bitcoin price moved from $7,247 to $7,980 in an hour.

At this level, one might expect a short quite encouraging interest. This area acts as support in the first time and later resulted in a further push of $8,100 which indicates that there is a bullish momentum in the move.

The resistance currently faced dates back to July 2018, which is the highest trade seen in 2019. The price range of $6,150-$7,000 is acting as a support along with the 100 MA above $8,453 and a relatively little price volume history, which might mean a little resistance. All these factors indicate that Bitcoin has been bullish.

According to the decline in the price of Bitcoin this week, it’s a clear indication that things can change very quickly in the market. Indications show that Bitcoin could press higher towards the $9,500, a fundamental Fibonacci retracement level of 38.2%.

Bitcoin breaking the $8,500 level will be significant and a key to reversing the bear market.

Do you think the heightened Bitcoin search results will boost its price?

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coinmag

Philip is an experienced blogger keen on staying updated with trends and news surrounding the blockchain and Bitcoin space. With several years of freelance experience in various industries, Philip brings his knowledge and experience into the crypto space.

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