Crypto Industry News:
According to recent Google Trends data, interest in bitcoin has reached its lowest level in three months. It began to disappear from the third halving in the history of the oldest cryptocurrency.
Interest in bitcoin began to increase at the beginning of the year, when information about the COVID-19 virus began to spread to the mainstream. This trend continued until mid-March, until bitcoin collapsed along with the global stock market due to the effects of the pandemic. As usual, huge price fluctuations aroused curiosity in people, which significantly increased global interest in cryptocurrencies during this period.
Google Trends shows that interest in bitcoin began to decline after exiting the deep hole. Then, with the approaching halving, it began to increase again, and the number of searches for the word "Bitcoin" in Google was the highest in this period since July 2019.
The number of Google queries has also increased that more and more people were looking for a way to buy cryptocurrencies during the March crash and before halving.
After the world began to slowly adapt to COVID-19 and the third halving ended, the search for bitcoin-related phrases has fallen to its lowest level since March, and has also approached the lowest level since the beginning of the year.
Technical Market Outlook:
Since the market made the local high at the level of $9,530, the BTC/USD pulled back towards the technical support located at the level of $9,249,putting bears in control over the market. In a case of a pull back extension from here, the next technical support is seen at the level of $8,565 and the nearest technical resistance is still seen at the level of $9,530. The larger time frame trend remains up. The momentum indicator is totally flat around the neutral level of fifty.
Weekly Pivot Points:
WR3 - $10,691
WR2 - $10,307
WR1 - $9,752
Weekly Pivot - $9,407
WS1 - $8,828
WS2 - $8,448
WS3 - $7,903
Trading Recommendations:
The larger time frame trend remains down and as long as the level of $10,791 is not violated, all rallies will be treated as a counter-trend corrective moves. This is why the short positions are now more preferred until the level of $10,791 is clearly violated. The key mid-term technical support is located at the level of $7,897.
