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Bitcoin Reclaims $64K, But Retail Investors Stay Sidelined

Bitcoin Reclaims $64K, But Retail Investors Stay Sidelined

DailycoinDailycoin2024/10/14 17:24
By:Dailycoin
  • Crypto markets shake off the October slump.
  • Bitcoin spikes higher in the early hours of Monday.
  • Google searches for Bitcoin continue trending lower.

Bitcoin’s rocky start to October, sparked by rising Middle East tensions, quickly shattered hopes for a strong “Uptober.” Yet, in the early hours of Monday (BST), Bitcoin surged back, touching $64,500 and reigniting bullish sentiment among investors.

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Despite the renewed optimism, retail investors remain conspicuously absent. Google search trends show little sign of retail participation, suggesting that many are still hesitant to join the rally just yet.

Bitcoin Searches Down

As Bitcoin prepares to retest key resistance levels, retail investors remain notably absent. Google Trends data revealed that worldwide searches for “Bitcoin” in October sank to a rating of 17, marking a one-year low.

Bitcoin Reclaims $64K, But Retail Investors Stay Sidelined image 0 Bitcoin Reclaims $64K, But Retail Investors Stay Sidelined image 1 Bitcoin searches on Google

Back in March, when Bitcoin hit a new all-time high of $74,000, search volume reached 41, but has been steadily declining ever since. 

Historically, higher retail search volumes have coincided with Bitcoin price peaks, like the 2017 bull run, where Bitcoin first topped $20,000 and search interest hit a Google Trend score of 100.

Global economic concerns, including the cost of living and geopolitical tensions, are likely diverting retail attention and resources away from crypto markets.

Conversely, Ieva Trinkūnaitė, head of digital solutions firm iSun AG, believes that FOMO plays a key role in why Bitcoin has been a less attractive option.

“The continued accumulation of Bitcoin by institutional investors and whales over the past six months, as shown by on-chain analysis and ETF inflows, suggests that Bitcoin has become largely institutionalized. While smart money is methodically accumulating Bitcoin, retail investors seem to be chasing the next “lottery ticket” in the form of meme coins, expecting 100x returns.

Once smart money has accumulated their long positions, Bitcoin’s price will trend upward once again, and will eventually trigger retail FOMO,” stated Trinkūnaitė.

Influencer Alex Becker recently stated that the broader public is still largely disconnected from the crypto world. He predicted normie retail interest wouldn’t fully return until Bitcoin approaches the $90k mark.

BTC Caught in Resistance

While Becker remains confident that Bitcoin can surpass its all-time high soon, current price action shows the cryptocurrency still struggling to break above the $64,500 mark. This zone, established in October 2021, has consistently acted as both support and resistance over the past three years.

Bitcoin Reclaims $64K, But Retail Investors Stay Sidelined image 2 Bitcoin Reclaims $64K, But Retail Investors Stay Sidelined image 3 BTCUSD daily chart on Trading View

Earlier this month, Bitcoin was rejected at this level on October 7, sparking a downtrend that saw it bottom out at $58,900 by October 10. Monday’s price action briefly pushed above $64,500, peaking at $64,800 before dipping below.

A daily close above this key level would set the stage for Bitcoin to target the next resistance zone at $66,600, potentially signaling stronger bullish momentum ahead.

On the Flipside

  • Crypto is highly volatile.
  • Middle Eastern tensions continue to bubble .
  • Google searches for “memecoins” are projected to hit 100 in October.

Why This Matters

Bitcoin’s lonely ascent to $64K signals a shift in market dynamics that challenges traditional bull run patterns.

Fears of a Mt. Gox-led Bitcoin sell-off get deferred.
Mt. Gox Hits Pause on $2.8B Bitcoin – Payout Delayed to 2025

Justin Sun promotes liberalism under his new Liberland PM role.
Justin Sun Envisions Liberland as New “Beacon of Freedom”

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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