Bitcoin retail interest dips massively as BTC price drops below $30K-support again

Key Takeaways:

  • Bitcoin price is down by 0.5% today, trading at $29,670.
  • Global crypto market cap has plummeted to $1.33 trillion.
  • Google trends indicate that retail interest in Bitcoin is declining
Bitcoin
Bitcoin is still down more than 55% from its all-time high.

LAGOS (CoinChapter.com) — Monday’s trading session has marked a return to the bears for Bitcoin and other top cryptocurrencies after the leading digital asset failed to sustain its brief price surge above $31,000.

Bitcoin crashed back to around $29,000 despite data pointing at a renewed accumulation sentiment in the market. In detail, the on-chain analytics platform Glassnode noted that “a large proportion of the market” started adding BTC to their balances after the price crashed to $24,000 last week.

“The Trend Accumulation Score has returned values > 0.9 since Friday, indicating that investors saw value below $30L,”

Glassnode said.
Bitcoin
BTC/USDT daily price chart. Source: TradingView

At the time of publication, BTC was down by 0.5% and was trading at $29,670, according to data from Coingecko. Meanwhile, with this week’s decline, Bitcoin, for the first time, closed in the red for the seventh consecutive week.

Bitcoin price at the beginning of the month stood at around $40,000 on May 5 before it began to decline. Interestingly, last week the leading asset plunged to its lowest price position since December 2020 at $25,300.

Retail Interest In Bitcoin Declines

As a result of the recent price drop, data from Google’s search trends suggest that retail interest in Bitcoin and other major cryptocurrencies could be declining.

Cryptocurrency
Google search volume for Bitcoin. Source: Google Trends

According to Google Trends, the global searches for Bitcoin for the week of May 1-7 was at 25. This is a relative drop from 50, recorded in the early part of the year.

Interestingly, Google Trends data revealed that most searches for Bitcoin emanated from El Salvador, the Netherlands, and Nigeria, respectively. Notably, Google Trends allows users to compare the relative volume of searches.

Google Trends uses numbers to represent search interest, with ‘100’ as the peak popularity for the specific term. Also, it is worth noting that high interest doesn’t necessarily imply an increase in digital assets price or actual buying.

Meanwhile, Budd White, co-founder of Tacen, noted that BTC remains a remarkable asset despite the recent drop. He said:

“If anything, when you step back and examine the broader picture, it’s pretty remarkable to see how well Bitcoin has held up despite chaotic markets. It’s clearly on the path toward wider adoption and maturation.”

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Bitcoin, Bitcoin retail interest dips massively as BTC price drops below $30K-support again

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