Bitcoin has yet again made it to the top of Google Trends. It ranked 3rd on the highest number of searches among all keywords, on Wednesday the 26th June 2019. This does not come as a big surprise, given the extreme volatility that Bitcoin is currently experiencing.
After Bitcoin finally broke past the $10,000 barrier on June 22nd, it climbed as high as $13,850, before then almost instantly dropping to $11,375. That is a $2,575 drop in just around 5 minutes. Naturally, a 17.87% drop over that short a period of time, has many laggards worried (people who entered the bull-run late). It is quite common for people to check what caused a price movement, using Google News section. It is, therefore, no real surprise that Bitcoin was a top trending keyword yet again.
According to Sven Henrich (@NorthmanTrader) on Twitter, the price movement was natural and expected. Sven goes on to explain that “If you’re looking for a technical explanation: $BTC hit its .618 fib today and is rejecting from there.
Due to Bitcoins sudden price explosion, it was also trading significantly higher than its 200MA and its expected trading range. All factors combined may relatively easily explain why Bitcoin saw such a rapid and sudden price correction.