Bitcoin Google Search Volume Drops to Low Point: Does This Signal an Imminent Price Crash?
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A drop in Bitcoin's Google search volume doesn't directly indicate a price decline. However, it does show bearish signals.
Recently, Bitcoin (BTC) reached $95,000. Yet, Google searches didn't rise. Instead, they fell below 30, a long-term low. Does this unusual trend mean a price drop is imminent?
Bitcoin search volume on Google. Source: Google Trends.
Hunter Horsley, CEO of Bitwise, links this anomaly to buyer dynamics. He notes, "The price rise isn't driven by retail investors. Institutional buyers, advisors, corporations, and countries are entering the market."
While Google search volume reflects market interest, it doesn't directly show bullish or bearish forces. However, the average Bitcoin futures funding rate does. According to Glassnode, this rate dropped to about -0.023%. This indicates a dominant short position, with contract prices below spot prices. It signals a weakening demand for bulls.
Additionally, Bitcoin's price chart shows strong bearish signals. Since April 25, Bitcoin surged past $95,000 but couldn't hold that level. Prices continued to decline, hitting new lows. This indicates persistent bearish momentum, while bulls struggle to keep up.
Bitcoin price trend chart. Source: TradingView.
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