Google Searches for Bitcoin Surge as Price Hits Record High Above $80,000
Google searches for Bitcoin have increased dramatically as the cryptocurrency’s price hit a new all-time high above $80,000. This surge in interest highlights growing global attention as Bitcoin gains traction among both retail and institutional investors.
The cryptocurrency market has witnessed significant growth since Donald Trump’s victory in the US presidential election, as his support for the sector and crypto-related policies have led to increased interest in Bitcoin. While the proposed Bitcoin reserve would likely take until 2025 to realize, the community sees a clear path for BTC to become a treasury asset embraced by corporations, governments, and major institutions.
The spike in search queries and inflows is seen as a sign of new retail investor interest and an influx of new participants in the market. Bitcoin’s impressive rise has been marked by minimal volatility impact, as heavy profit-taking on long call options has dampened any significant reaction. The market is currently in a “euphoric” phase, with perpetual funding rates at a seven-month high and strong bullish sentiment.
However, short-term pullbacks and potential leveraged washouts remain a risk. The crypto trading firm, QCP Capital, expects spot prices to consolidate around current levels in the near term and for volatility to ease as key macro events this week could provide insight into the likelihood of a December rate cut.
