Bitcoin Price Surge Triggers Increase in “Sell Bitcoin” Searches
Bitcoin (BTC) has experienced a significant rally, with a price gain of $4,700 (16%) in the last seven days. This upward trend has created a lucrative opportunity for investors to sell their Bitcoin and realize profits. As a result, there has been a surge in searches for “Sell Bitcoin” on Google.
Interestingly, there has also been a notable increase in the trend for “Buy Bitcoin” according to a study conducted by Cryptogambling.tv. The rise in searches for “Buy Bitcoin” in the UK, coupled with the resurgence of the cryptocurrency, highlights the growing interest and potential impact of traditional financial institutions’ involvement in the world of digital assets.
“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
However, global searches for “Buy Bitcoin” still show a downward trend over the past year, currently scoring at 47 points this week according to data retrieved by Finbold on October 27.
Interest in ‘Sell Bitcoin’ Reaches Yearly Highs
In contrast to the decline in searches for “Buy Bitcoin,” there has been a significant increase in interest regarding “Sell Bitcoin” searches. According to Google Trends scores, this interest has reached a forecasted 1-year high at 100 points.
Furthermore, last week’s score was 70 points, which was one of the lowest values throughout the year but still higher than search interests related to buying Bitcoin.
The surge in interest for selling Bitcoin coincided with two separate rumors regarding spot Bitcoin ETF approval, which occurred on successive Mondays, October 16 and 23. These events, often associated with the “buy the rumor, sell the news” strategy, took place during an increase in search trends for selling off Bitcoin.
Notably, the forecasted 1-year high in interest for selling Bitcoin also corresponds to a rise in the percentage of BTC holders who are “In The Money.” Currently, Bitcoin is trading within a short-term consolidation zone at $33,970.
Hot Take: Bitcoin’s Bull Run Triggers Surge in Searches for Selling and Buying
The recent bull run in the price of Bitcoin has led to a surge in searches related to both selling and buying the cryptocurrency. Investors are taking advantage of the price gains to sell their Bitcoin and realize profits. On the other hand, there is also growing interest in buying Bitcoin, indicating a renewed enthusiasm among investors.
While searches for buying Bitcoin have shown a downward trend over the past year, searches for selling Bitcoin have reached yearly highs. This suggests that some investors may be looking to capitalize on the recent price surge by selling their holdings.
Overall, the increased interest in both buying and selling Bitcoin highlights the dynamic nature of the cryptocurrency market and the opportunities it presents for investors.
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