Google Trends data show that Bitcoin searches peaked annually, while the price of BTC rose to $19,400.
The price of Bitcoin (BTC) extended its rise to an all-time high on November 25, with the price rising to $19,412 in the morning trading session.
Determining the 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 big 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.
Data from TheTie, a social media data platform, shows that as the price of Bitcoin lost momentum on Nov. 22 and 23, trading sentiment struck a perceptible blow when traders anticipated a possible retreat from lower supports in the area below US$18,000.
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 Trends data also shows that searches for the term „Bitcoin“ also hit a high in 2020 on Tuesday, with the price rising above $19,000, but the figure is far from the high seen in December 2017.
What next for the price of Bitcoin?
As shown on the four-hour chart, the Bitcoin flow to $18,000 created a double bottom on the right on the main support, and the hoists came on the scene 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. ”