Bitcoin continues to show a downward trend, with its price stabilizing at around $62,950 to $63,125 per unit as of April 27. Despite this dip, the Crypto Fear and Greed Index remains firmly in the “greed” sector. Interest in bitcoin has decreased according to Google Trends, while the market intelligence firm Santiment has reported an increase in sell signals for BTC.
Over the weekend, bitcoin has remained within a specific range. The charts indicate a “neutral” status, with most oscillators and moving averages suggesting a continuation of the bearish outlook. The Crypto Fear and Greed Index, which measures market sentiment, still shows a prevalent sentiment of “greed,” indicating the possibility of a market correction.
Interestingly, bitcoin has maintained a value above $60,000 for the longest period in 2021, lasting approximately 58 days. However, interest in bitcoin seems to be declining, as shown by Google Trends data. Searches for “bitcoin” have decreased from a high of 80 out of 100 on April 19 to a current score of 30.
Although interest has decreased, there is still curiosity about an unprecedented price high, as queries for “bitcoin all-time high” and “ATH bitcoin” frequently appear in related searches. Santiment has reported an increase in “sell calls” on social media, indicating a growing push for selling BTC.
On the other hand, QCP Capital’s weekend brief suggests that interest could pick up next week with the launch of Hong Kong’s spot bitcoin and ethereum exchange-traded funds (ETFs). This could potentially serve as a gateway for the inflow of Asian institutional capital, generating a positive catalyst for the market.
What are your thoughts on the current state of bitcoin markets this weekend and moving forward into next week? Feel free to share your opinions in the comments section below.
