Google Trends data show that searches for „Bitcoin“ reached an annual high during BTC’s rise to $19,500.
On November 25th, the price of Bitcoin (BTC) continued its climb to a new high of almost $19,500.
Determining the actual historical high for BTC is rather difficult, as various exchanges have different figures. For example, Coinbase claims that the Bitcoin peak is $19,892, while BitMEX and Binance show $19,891 and $19,799 respectively. So, for most traders, the $20,000 is probably the primary focal point that will confirm a new ATH.
The breakout beyond the $19,000 level occurred faster than many predicted, especially after Bitcoin’s collapse to $18,000 on the night of November 24th. This contraction accompanied almost in parallel the 30% crash of XRP on Coinbase, after the significant rise of the altcoin ended at $0.92.
Data provided by TheTIE, a social analysis platform, shows that when Bitcoin’s price lost its momentum between November 22 and 23, sentiment among traders took a nasty hit. It is possible that traders were expecting a retest of supports located in areas under $18,000.
According to Joshua Frank, founder of TheTIE:
„The daily sentiment score assesses investors‘ optimism or pessimism over the last 24 hours compared to a 20-day interval.“
This parameter (daily sentiment) has been positive (above 50) since November 16, when Bitcoin was close to $16,000. The constant positive score values indicate that conversations continue to become increasingly optimistic.
So if investors have been optimistic over the last 20 days, they must be even more optimistic over the last 24 hours to keep the score above 50″.
This suggests that, regardless of strong corrections of up to $18,000 or lower, those who invest or follow the price of crypto profit are still extremely bullish on the prospects for the digital asset compared to historical price and sentiment data.
In addition, Google Trends data shows that searches for the term „Bitcoin“ set a new annual record while the price was over $19,000, but the index is still far from the values recorded in December 2017.
What will happen to the price of Bitcoin?
As indicated on the 4-hour chart, Bitcoin’s contraction to $18,000 created a double low near the crucial support and bullishers stepped in to absorb the sales pressure, causing three successive peaks in volume.
Subsequently, the price revisited the support at $18,650, a high volume node on the VPVR, and then traced a recovery concluded at $19,500. At the time of writing BTC is a little lower at $19,250.
Similar to the previous increase to $18,000, a period of consolidation and support development is normal and healthy to maintain momentum in an upward trend.
According to Matt Blom, head of global sales trading of the Equos exchange:
„Bitcoin is focusing on a new all-time high and it seems very unlikely that after coming this close it will be able to break the 201 record. With a shortage of higher resistance levels, we expect a target at $29,100, based on Fibonacci’s 1,618 ratio of upwardly between $4,644 and $19,447“.