Bitcoin's price-dependent price movement below $ 10,000 is driving down Google trends.
Search volume for the cryptocurrency dropped after reaching 63 earlier this year.
The slip score marks less public attention than in mid-2019.
Even in a financial crisis, Bitcoin has emerged as one of the most profitable assets of the year with 36% annual earnings. However, the impressive performance of the cryptocurrency did not increase its popularity among Google users.
Popularity for the keyword 'bitcoin' in Google's trademark search engine has dropped from its recent high. Based on a 12-month timeframe, the cryptocurrency's score will drop from 63 to 45 for the week ending May 23.
The numbers are based on "bitcoin" calls received by Google at a specified time interval; 0 reflects the lowest and 100 the highest trend.
45 points show that there is low interest among people in the cryptocurrency, especially when the global media actively covers the potential role of the existence of a safe haven against the ongoing crisis.
Halving Trends
The trend wasn't that weak in the past 30 days. "Bitcoin" searches began to gain momentum as of April 19, three weeks before the cryptocurrency mining reward was halved. The event saw that Bitcoin's daily supply rate halved from 1,800 BTC to 900 BTC compared to the 21 million supply limit.
Google Trends had a perfect 100 score for the keyword 'Bitcoin Halving'. Now, however, even this term is tremendously decreasing in the face of diminishing interest.
Bitcoin Price Factor
After the halving is over, the expectation of the global media has also decreased. At the same time, Bitcoin price could not rise above a significant resistance area above $ 10,000. Instead, it was stuck with a boring horizontal movement in a moderately narrow trading range.
Historically, a straight Bitcoin does not inspire people to search on Google.
However, looking at the current Google trend of the cryptocurrency with the trend in the middle of 2019 is promising.
After the price increased by 119 percent in the April-May period, the volume of Bitcoin search fell from 52 to 35 in June. However, as the price continued to approach the $ 14,000 level on June 26, the trend score had risen from 35 to 100.
Due to the appropriate macroeconomic climate - low bond returns, rising Gold prices, and central banks trillions of dollars in incentive packages, Bitcoin is more likely to maintain its upward momentum.
When the cryptocurrency goes above $ 10,000, the trend will likely be appropriate to target 100 points.
It will be interesting to see how this situation is played. Stay tuned for more information on this and other crypto updates.
