Bitcoin has been trending downward over the past week, with prices settling between $62,950 and $63,125 per unit as of April 27th. Despite this decline, the crypto fear and greed index remains firmly in the “greed” sector. According to Google Trends, interest in the term "Bitcoin" is decreasing, while analytics firm Santiment reports an increase in Bitcoin sell signals.
Bitcoin remains above $60,000 for 58 days despite low interest rates and bearish signals
Bitcoin (BTC) remains range-bound this weekend. The BTC/USD chart shows "neutral" conditions for most oscillators, and most moving averages indicate a continuation of the bearish outlook. On Saturday, Alternative.me's Crypto Fear and Greed Index (CFGI) showed that "greed" sentiment remained dominant with a score of 69. CFGI greed sentiment generally indicates that the market may be experiencing a correction..
BTC's longest rally was also seen in 2024, when the Bitcoin price lasted for about 58 days above $60,000. However, interest in Bitcoin seems to have waned since the halving, as data from Google Trends shows. Searches for the word “Bitcoin” have declined from a high of 80 out of 100 on April 19th to the current level of 30..
According to Google Trends' 90-day statistics, interest began to decline around his April 21st. However, related searches continue to see unprecedented price increases, with queries such as “Bitcoin all-time high” and “Bitcoin ATH” frequently appearing in the list of GT-related queries. Analytics firm Santiment reported on Friday that there has been a noticeable increase in “sell calls” on social media, indicating increasing selling pressure on Bitcoin.
“Cryptocurrency traders panicked as the price of Bitcoin fell to $63,400, with fewer buy calls and more frequent sell calls on social media,” Santiment said on Platform. Written by Infection. Santiment market analysts concluded that prospects for a market recovery are increasing.
Meanwhile, QCP Capital's report over the weekend suggested interest rates could rise when exchange-traded funds (ETFs) are launched in Hong Kong next week. “Next week could be a positive catalyst as Bitcoin and Ethereum ETFs begin trading in Hong Kong,” QCP Capital said. “There is growing interest in what could be a gateway for capital movement to institutional investors in Asia.”