Google searches for ‘sell Bitcoin’ surge despite rally

Bitcoin (BTC) rallied for $4,700 (16%) price gains in the last seven days. This bull run created an excellent opportunity for investors to sell their coins and realize a profit, which is now reflected in the surge in “Sell Bitcoin” searches on Google.

Interestingly, cryptocurrency media outlets have massively reported an increase in the trend for “Buy Bitcoin”, according to a study by Cryptogambling.tv.

“The remarkable surge in ‘buy Bitcoin’ searches in the UK, combined with the cryptocurrency’s resurgence, underscores the growing interest and potential impact of traditional financial institutions’ involvement in the world of digital assets.”

— Spokesperson of Cryptogambling.tv, reported by Cointelegraph

Nevertheless, worldwide Google searches for “Buy Bitcoin” in a year still score at 47 points this week, in a visible downtrend, according to data retrieved by Finbold on October 27.

Interest over time: “Buy Bitcoin” - worldwide, past 12 months.
Interest over time: “Buy Bitcoin” – worldwide, past 12 months. Source: Google Trends

Interest in ‘sell Bitcoin’ has grown to yearly highs

On the other hand, the interest in “Sell Bitcoin” searches has grown this week, for a forecasted 1-year high at 100 points according to Google Trends scores.

Additionally, the previous week’s score was 70 points, one of the lowest values in the year, but still higher than search interests for the massively reported “buy Bitcoin” trend.

Interest over time: “Sell Bitcoin” - worldwide, past 12 months.
Interest over time: “Sell Bitcoin” – worldwide, past 12 months. Source: Google Trends

As for the context, BTC value surged due to two separate rumors initiated on successive Mondays, on October 16 and 23. These consecutive “buy the rumor, sell the news” events concerning spot Bitcoin ETF approval occurred during the search trend increase for a sell-off.

Notably, the 1-year high forecasted interest in “sell Bitcoin” also happened during a surge in the percentage of BTC holders that are “In The Money”. Meanwhile, Bitcoin is trading in a short-term consolidation zone at $33,970 by press time.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

Source link

Leave a Reply

Your email address will not be published. Required fields are marked *

Recent Comments

No comments to show.
New Bookmakers
Playfina.com

The newest member of DAMA N.V. family offers more than 6000 games and accepts a wide range of cryptocurrencies, which are arguably the most widely used form of payment for gamblers right now.

Cryptoplay.io

In the year 2021, Cryptoplay Casino went live for the first time. To bitcoin enthusiasts, the online gaming site offers an amazing game library, exclusive bonuses, and promotions.

CryptoGames

Since its inception in 2014, this crypto casino has amassed a sizable following and an even stronger reputation. This all-crypto casino has 8 Provably Fair games, a faucet, and the ability to utilize one of ten cryptocurrencies.

PlayAmo

In general, if you're looking for information on the PlayAmo casino's features and idiosyncrasies, you'll find it here.

Oshi

Oshi Casino is a bitcoin casino with a simple instant-play interface that accepts euro deposits as well as other cryptocurrencies like Ethereum.