Is Interest in Buying Bitcoin Decreasing? - COINTURK NEWS
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Is Interest in Buying Bitcoin Decreasing?

9:38 pm (33 days ago)
October 27, 2023

Bitcoin (BTC) and Ethereum (ETH) prices are falling – expert analysts’ views

Bitcoin (BTC) experienced a price increase of $4,700, representing a 16% rise in the past seven days. This mini bull rally also affected investors’ Google search trends and created a great opportunity for investors who wanted to sell their coins and make a profit. As a result, there has been a significant increase in the search term “Bitcoin Sell” on Google.

Interestingly, according to data obtained by a website, there has been a significant increase in the trend of “Buying Bitcoin” as reported by crypto media outlets.

A spokesperson for the website, speaking to Cointelegraph, stated:

The significant increase in searches for “Buy Bitcoin” in the UK highlights the growing interest and potential impact of traditional financial institutions in the world of digital assets, combined with the resurgence of the cryptocurrency.

Furthermore, according to data obtained on October 27, searches for “Buying Bitcoin” still stand at 47 points in global trends within one year and may be showing a noticeable downward trend.

Why is Everyone Trying to Sell Bitcoin?

Meanwhile, searches for “Bitcoin Sell” have seen an increase, reaching 100 points on Google Trends, the highest level in a year. Additionally, just one week ago, it had a score of 70 points, one of the lowest values of the year, but still showed a significant increase in search interest compared to the “Buying Bitcoin” trend when examined on a mass scale.

BTC price experienced a noticeable increase on October 16 and 23 following two separate narratives launched on Mondays, creating rumors and a mini bull rally. These price increases related to the approval of the Spot Bitcoin ETF occurred when the search trend for selling was increasing.

Finally, the peak of searches for “Bitcoin Sell” coincided with an increase in the percentage of BTC investors holding cash. Meanwhile, the price of Bitcoin continued to decline. At the time of writing, the price had dropped and was trading at $33,700.

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