Google indicators show searches for "Bitcoin" rising in 2020, with Bitcoin surpassing $ 19.4 thousand

Determining the highest actual level of BitcoinV is somewhat debatable given that many exchanges have different numbers listed. For example, Coinbase recorded $ 192 as the peak of Bitcoin, while Bitmex and Binance had $ 19891 and $ 19999 respectively. Thus, for most traders, $ 20,000 will likely be the primary focal point that will cement Bitcoin to reach an all-new high.

Payments across the $ 19,000 level happened faster than many expected, especially after Bitcoin's price plummeted to $ 18,000 in the evening hours of November 23. The drop was roughly synonymous with Ripple's 30% drop in Coinbase after the alt coin pumped to $ 0.92.

 

 Bitcoin price and trend chart (hourly). Source: The Tay

Data from The Tay, the social analytics data platform, shows that with Bitcoin's price losing momentum on November 22 and November 23, trading trends took a noticeable blow when traders anticipated a possible retest of lower support in the area of ​​less than $ 18,000.

 

 Bitcoin price versus daily trend score. Source: The Tay

According to Joshua Frank, founder of The Tay:

“The Daily Trends result looks at how positive or negative investors are over the past 24 hours versus a 20-day gradual window. This metric (Daily Trends) has been positive (above 50) since November 16, when Bitcoin was close to $ 16,000. The daily trends are positive, this means that the conversations should be consistently more positive. So if the investors are positive during the last 20 days, they should be more positive during the past 24 hours so that the result remains above 50 ”.

This indicates that regardless of the strong downturns indicating $ 18,000 or less, the majority of people who invest in or track the Bitcoin price remain extremely optimistic about the prospects for digital assets when compared to historical price and trend data.

 

 Google's search for Bitcoin reaches its highest level in 2020. Source: Google Trends

Google Trends data also shows that searches for the term "Bitcoin" have also reached its highest level in 2020 today as the price rose above $ 19,000, but that number is not close to the highest level seen in December 2017.

What's next for Bitcoin price?

 

 4 hour chart for Bitcoin against the dollar. Source: Trading View

As shown on the 4-hour chart, Bitcoin's influx of $ 18,000 created a double bottom to the right at major support, with the bulls stepping in to buy the decline with 3 consecutive high volume highs.

At the time of writing this article, the price has already retreated to retest the lower support at $ 18,900, and if this level fails to hold, then the next support will be at $ 18,650 which is slightly above the average of a 20-day move and a large node at the high-volume visual range level. .

Similar to the rally to $ 18,000, a period of consolidation and building support is normal and healthy to maintain the momentum to the upside.

According to Matt Bloom, Head of Global Sales at Equius:

“Bitcoin is focused on reaching a new all-time high and seems unlikely to come close to this point, as it fails to break the 2017 record. With resistance levels scarce, ideas turn to the next main bullish target. Using Fibonacci retracement levels, we see $ 29,100 as target, with a 1,618-degree move from $ 4,644 to $ 19,447 as a base price point.