Bitcoin interest in the United States stood at 36 late last month, but it has surged over the past few days and now stands at 74, according to Google Trends.
Bitcoin Interest Approaching December Level
Data pulled from Google Trends indicates that the number of people searching for Bitcoin has doubled over the past month. On March 9, the search term ‘Bitcoin’ on Google Trends was at 37, but it has now surged to 71 after briefly touching 36 towards the end of last month.
Google Trends analyzes the top search queries in Google Search across various countries and regions around the world. The increase in Bitcoin searches in the United States is approaching the December high level when it hit 84 on December 1, 2018.
The rise of Bitcoin on Google Trends is an indication that more people are showing interest in the cryptocurrency. There could be several reasons behind this latest development, with the Security Exchange Commission’s (SEC) continues delay of a Bitcoin ETF and the recent spike in BTC’s price being some of the possible reasons.
The price of Bitcoin went past the $5,000 mark for the first time in five months on April 1. The recent rally saw the cryptocurrency spike by $1,000 in a few hours, with analysts giving different reasons for the price increase. The price increase seems to have increased the number of Bitcoin Google searches. On March 30, Bitcoin interest in the US was at 36, but it went up over the past one week and now stands at 74.
Another reason could be the recent postponement of the Bitcoin ETF decision by the SEC. Late last month, the commission announced that it had postponed its decision on the VanEck SolidX Bitcoin ETF proposal, which would be listed on the Cboe BZX Exchange.
On April 1, an article circulated which claimed that the SEC had approved the Bitcoin ETF proposal. Although it turned out to be an April fool’s day joke, the article garnered a lot of interest from the crypto community, especially investors and traders from the United States.
Bitcoin’s Price Could Be on Its Way to Recovery
The recent increase in Bitcoin’s price has brought optimism to cryptocurrency enthusiasts. Tom Lee, the co-founder of Fundstrat Global Advisors, told Bloomberg on April 5 that he believes the bear cycle is over and that Bitcoin is back in a bullish trend.
During the interview, Lee pointed out that the fact that BTC broke past its 200-day-moving-average is an indication that the sentiment around the cryptocurrency had changed and BTC is currently in a bull market.
Brian Kelly, the CEO of crypto investment firm BKCM LLC told CNBC about what he believes is the next target for Bitcoin. He said, “All indications suggest that we probably have at least started to put in the bottoming process.” The Bitcoin bull now believes that the price of BTC is ready to test the $6,000 mark.