Interest in Bitcoin research nears year-long low as BTC price drops below $ 55,000

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Bitcoin (BTC) saw a much anticipated pullback on October 13 as the bulls struggled with past historic highs in February.

1 hour BTC / USD candle chart (Bitstamp). Source: TradingViewAnalysts insensitive to decline in BTC prices

Data from Cointelegraph Markets Pro and TradingView showed BTC / USD reversing from five-month highs to briefly below $ 54,000 on Bitstamp.

After recovering to around $ 55,000, the pair looked choppy on Wednesday with no apparent clear direction in the near term.

For analysts, however, there was little surprise in the moves. $ 58,000 had been heralded as a tricky resistance, which was unlikely to break suddenly, while a downside buy opportunity at $ 53,000 or less was also on the radar for many.

This BTC withdrawal does not worry me at all, summed up trader and analyst Rekt Capital.

He added that such re-testing and consolidation was likely a required feature for Bitcoin to cement new support and continue to existing all-time highs and beyond.

In a similar view, popular trader Pentoshi, who hinted that the higher low, which could result from the pullback, could be the last Bitcoin before an attack at higher levels.

Clear cancellation in case of loss of 48,000, he concluded Tuesday in comments on Twitter.

The lack of euphoria is a pleasant surprise

As Cointelegraph reported, Bitcoin has kept a low profile despite approaching 15% all-time highs.

Related: Need Some Bitcoin Hopium? This chart calls for a new record BTC price by November

Data from Google Trends shows a lack of comparative interest in Bitcoin’s fourth-quarter highs compared to the start of the year.

Sentiment, while showing signs of greed, has not reached the extremes that traditionally characterize local and macro price highs.

Pleasantly surprised by the lack of euphoria as Bitcoin’s $ 60,000 approached, Charles Edwards, founder of asset manager Capriole, responded this week.

Same as October 2020 Global Google search data for “Bitcoin”. Source: Google Trends

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