Tanya Abrosimova
Independent Analyst
- The statistics on Google searches show that Bitcoin is gaining popularity.
- The coin has returned to the area above $10,000 after a brief collapse.
Google users have been searching Bitcoin more often recently. According to the latest statistics, the number of searches with the keyword Bitcoin surged to the highest level in 16 months.
The experts note, that the trend has been growing steadily; however, we are still well below the hype levels of 2017.
Meanwhile, the growing trading volumes on the cryptocurrency trading platforms as well as the price recovery signal that large investors have finally entered the market. The players interested mostly in mid-term and long-term investments in the digital gold shall make the market more stable and ensure further price recovery.
However, the price of the first digital coin has been sliding recently and retested the area below $9,000 on Tuesday. Despite a swift recovery, the first digital asset is still under selling pressure, trading within the short-term bearish trend with over 7% of losses on a day-to-day basis.
On the upside, we will need to see a sustainable break above $10,500 handle to proceed with the recovery towards $11,000. Otherwise, once the period of consolidation is over, the coin may resume the downside with the next focus on the lower line of 4-hour Bollinger Band ($10,120) followed by the psychological $10,000 and the lowers level of the pervious day at $9,977. The strong support awaits us on approach to $9,350 (SMA200, 4-hour).
BTC/USD, 4-hour chart
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