Bitcoin (BTC) rallied for $4,700 (16%) price gains in the last seven days. This bull run created an excellent opportunity for investors to sell their coins and realize a profit, which is now reflected in the surge in “Sell Bitcoin” searches on Google.
Interestingly, cryptocurrency media outlets have massively reported an increase in the trend for “Buy Bitcoin”, according to a study by Cryptogambling.tv.
“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
Nevertheless, worldwide Google searches for “Buy Bitcoin” in a year still score at 47 points this week, in a visible downtrend, according to data retrieved by Finbold on October 27.
Interest in ‘sell Bitcoin’ has grown to yearly highs
On the other hand, the interest in “Sell Bitcoin” searches has grown this week, for a forecasted 1-year high at 100 points according to Google Trends scores.
Additionally, the previous week’s score was 70 points, one of the lowest values in the year, but still higher than search interests for the massively reported “buy Bitcoin” trend.
As for the context, BTC value surged due to two separate rumors initiated on successive Mondays, on October 16 and 23. These consecutive “buy the rumor, sell the news” events concerning spot Bitcoin ETF approval occurred during the search trend increase for a sell-off.
Notably, the 1-year high forecasted interest in “sell Bitcoin” also happened during a surge in the percentage of BTC holders that are “In The Money”. Meanwhile, Bitcoin is trading in a short-term consolidation zone at $33,970 by press time.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.